Bank of Canada – preliminary PMIs, Bank of Canada meeting, G7 meeting, US durable goods. The preliminary PMIs, a Bank of Canada meeting and the G7 Summit are the highlights of this week.
The week begins on Monday with the preliminary Markit May PMIs from Japan, France, Germany, the EU and the US. All that we have forecasts for are expected to be higher. My guess is that a rise in the US PMI would outweigh a rise in the European PMIs, because the ECB isn’t likely to take the PMIs into consideration in its decision-making, while the Fed is watching the day-to-day flow of the data very closely. So anything that will reassure FOMC members that the US economy is on the right track should be USD-positive.
There’s a large number of other surveys coming out for the Eurozone, including theZEW and Ifo surveys plus Gfk consumer confidence for Germany, French and Italian manufacturing surveys, and French consumer confidence.
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