The main focus today is euro PMIs. We expect the manufacturing PMI to decline further due to the lagged effect of the global slowdown in Q1. On the other hand the service PMI should increase slightly from the current level of 53.2. This should follow as it is mainly driven by domestic demand, which continues to improve.
In the US we expect the preliminary version of the Markit PMI index for June to increase as manufacturing production and regional surveys have generally been robust lately.
US existing home sales is also due for release and we expect a further increase as suggested by pending home sales figures for the past couple of months.
There are also a number of central bank speeches with ECB's Constancio, Mersch and Nowotny having the opportunity to give their view on the ECB's latest easing measures. Bank of Japan Governor Kuroda will also speak today.
There are no key figures out of Scandinavia today.
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