According to analysts at Danske Bank, the ongoing ‘ Fed Listens’ conference remains the centre of attention, with any interviews/speeches scrutinised for policy hints following the recent days’ remarks.
Key Quotes
“Otherwise, the market is primarily awaiting the ECB meeting tomorrow and the US labour market report on Friday. Today’s ADP report could give an indication of what to expect on the latter even if the predictive power has been mediocre recently.”
“We also get US ISM non-manufacturing, which will receive more attention than usual given the disappointing US flash Markit Service PMI two weeks ago – we get the final Markit print 15 minutes prior to the ISM today. A series of Markit Service PMIs will also be released across Europe.”
“The weekly US crude inventory report could prove interesting in the current weak macro environment and in light of the recent oil sell-off. The story since mid-April has been a rise in US crude stocks, which has raised concerns about weakening US demand.”
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