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21 May 2015
Key events ahead: Eurozone PMIs expected to have eased in May – Danske
FXStreet (Barcelona) - Christin Tuxen, Senior Analyst at Danske Bank, previews the key data releases and events ahead – Euro area manufacturing and services PMI, Riga Summit, Accounts of ECB April meeting, US existing home sales and market manufacturing PMI for May.
Key Quotes
“In the euro area flash PMIs for May will be out. We expect both the manufacturing and service PMI to have eased slightly in May, thus underscoring that GDP growth should also ease a bit in Q2 albeit the recovery remains on track.”
“EU leaders to start a two-day summit in Riga. While the official agenda is the cooperation with the EU’s Eastern partners, Greece is (again) expected to be discussed on the sidelines. According to some press reports the Greek prime minister Tsipras will present a debt restructuring proposal at the meeting.”
“ECB to publish an official account of its 14-15 April meeting. As this was a relatively uneventful meeting, we do not expect any substantial new information. In light of Coeure’s recent comment on frontloading of ECB bond purchases focus will be on possible discussions about liquidity in the bond market.”
“In the US existing home sales for April and flash Markit manufacturing PMI for May are due for release. Tuesday’s data on housing starts were very strong suggesting that the housing market is rebounding markedly on the back of the weather-related weakness in Q1. Note that Fed vice chair Fischer is scheduled to speak at 20:00 CET in connection with ECB's forum on central banking.”
Key Quotes
“In the euro area flash PMIs for May will be out. We expect both the manufacturing and service PMI to have eased slightly in May, thus underscoring that GDP growth should also ease a bit in Q2 albeit the recovery remains on track.”
“EU leaders to start a two-day summit in Riga. While the official agenda is the cooperation with the EU’s Eastern partners, Greece is (again) expected to be discussed on the sidelines. According to some press reports the Greek prime minister Tsipras will present a debt restructuring proposal at the meeting.”
“ECB to publish an official account of its 14-15 April meeting. As this was a relatively uneventful meeting, we do not expect any substantial new information. In light of Coeure’s recent comment on frontloading of ECB bond purchases focus will be on possible discussions about liquidity in the bond market.”
“In the US existing home sales for April and flash Markit manufacturing PMI for May are due for release. Tuesday’s data on housing starts were very strong suggesting that the housing market is rebounding markedly on the back of the weather-related weakness in Q1. Note that Fed vice chair Fischer is scheduled to speak at 20:00 CET in connection with ECB's forum on central banking.”