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Economic data coming up in the European session

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Euro area August PMI data on the agenda today

The focus to start the new week is on watered down taper expectations going into the Jackson Hole symposium, as the event has now gone virtual. As Adam points out, the medium is the message and that’s quite a clear one for Powell & co.

In turn, that has provided some relative comfort for risk trades for the time being with the dollar and yen the weakest performers in the major currencies space.

There won’t be much in terms of data releases to shake things up in Europe, although we should see economic conditions in the region moderate further as the early summer optimism slows down and supply chain disruptions persist.

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0715 GMT – France August flash manufacturing, services, composite PMI

0730 GMT – Germany August flash manufacturing, services, composite PMI

0800 GMT – Eurozone August flash manufacturing, services, composite PMI

The reopening demand is slowly ebbing and general optimism and overall conditions have also looked to have peaked in the euro area. The worry now will be if delta variant concerns grow further and if there might be fresh restrictions imposed. But for now, the market will just take the latest turn as some moderation to the outlook.

0800 GMT – SNB total sight deposits w.e. 20 August

Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.

0830 GMT – UK August flash manufacturing, services, composite PMI

Much like the rest of Europe, UK economic conditions should also see some moderation as the reopening peak appears to have been reached in the summer and things are expected to normalise in the months ahead.

1000 GMT – UK August CBI trends total orders

Prior release can be found here. The CBI readings are a survey on manufacturers to rate the level of volume for orders expected during the next 3 months.

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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