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Next week in the Eurozone data to be released includes PMI and ECB minutes. Analysts at Danske Bank, do not expect any major new information from ECB meeting minutes.

Key Quotes:  

“The key data release is the PMI figures due for release on Thursday. After reaching an all-time high of 60.6 in December 2017, manufacturing PMI fell for six consecutive months to 54.9 in June 2018. The July figure reported a small increase to 55.1 and we believe manufacturing PMI will stabilise around this level for now. This is supported by the rebound in August ZEW economic expectations and the trade deal between the EU and US in July has also diminished the immediate threat of tariff measures. Hence, we look for manufacturing PMI at 55.2 in the August print.”

“Service PMI saw a decline in July to 54.2 after a rebound in June to 55.4 but we look for the Service PMI to rise back to 54.5 in August. However, we see some downside risk due to the potential spillover effects of the Turkish turmoil.”

“The ECB minutes from the meeting in July are also due for release on Thursday. The meeting in July was rather lacklustre regarding any news on the ECB’s plans to unwind QE, its reinvestment policy and rate-hiking schedule, so we do not expect to see anything of great significance in the meeting minutes.”