The lasting trading day is passing quite calmly, albeit declines are continuing in case of European indices. Those stock markets have started the last trading day this week with modest losses and one could assume that moods might improve going forward as neither American nor Asian session brought a larger pullback.
The Japanese manufacturing PMI for June came in at 52 as the consensus expected a figure at 53.1. The reading turned out to be the lowest since November 2016. Despite a weaker than estimated number the Japanese currency remains little changed as the Japanese government upgraded assessment of the economy.
PMI readings from European countries drew the most of market’s attention. There are preliminary figures for June, hence their impact on financial markets should be more important. Although, manufacturing remains in its upswing, some worrisome signs can be noticed in case of services.
The Norges Bank decided to maintain interest rates on hold yesterday, the NOK strengthened significantly in response to the statement. In that respect, quite interesting long-term take has been presented by Danske Bank’s analysts as they still expect the NOK to rise gradually. According to them, yesterday’s decline in the EURNOK was limited by the flatness of the rate path.
Looking forward, there are important releases from the Canadian economy. The CAD cheered following the rosy retail sales report revealed yesterday, so it’d be interesting whether this trend is maintained. At the end of the day, there are three FED speakers scheduled to take the floor.