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Economic data coming up in the European session

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A light one on the agenda in Europe today

Tuesday

The kiwi is the best performing major currency today, owing to stronger calls by NZ banks for a hike to the OCR by the RBNZ – possibly by November this year.

You can check out Eamonn’s recap of how that all went down earlier here.

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That has seen NZD/USD move back above its 200-day moving average, closing in on the 25 June high @ 0.7095 now as we look towards European trading.

Elsewhere, the dollar is mildly weaker against other major currencies with market participants eyeing the Fed minutes tomorrow for further clues on the week.

US traders will return from the long weekend so perhaps we might get a better sense of risk direction later in the day with not much on the agenda in Europe.

0600 GMT – Germany May factory orders

Prior release can be found here. German industrial orders are estimated to bounce back in May after disappointing conditions in April, so we’ll see if the PMI readings did at least translate to hard data at the end of the day.

0730 GMT – Germany June construction PMI

Prior release can be found here. The thing to note with this is that as cost inflation rises, it is also putting a dent on business sentiment and that is one factor to consider when viewing conditions in the construction sector. That may continue to see activity more depressed even as the overall economic outlook improves in general.

0830 GMT – UK June construction PMI

Prior release can be found here. The UK reopening has injected a new lease of life to construction activity but higher cost inflation will pose a problem in the months ahead.

0900 GMT – Germany July ZEW survey current conditions, expectations

Prior release can be found here. Amid looser restrictions and an improved outlook, current conditions are expected to shift back into positive territory for the first time since June 2019. The expectations reading is estimated to come off slightly from the highs seen in recent months but still keep at more robust levels, suggesting strong levels of optimism going into the summer and 2H 2021.

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.



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