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Analysts at Danske Bank point out that it is time for euro area Flash PMI for July and is going to be the key economic release for today’s session.

Key Quotes

“PMI manufacturing has declined every month this year and we look for another small decline in the July reading from 54.9 to 54.4 as trade worries are expected to weigh on activity. However, the level for PMI is still clearly above the long-term average of 51.9. In the afternoon, we alongside consensus expect both the US manufacturing and Service PMIs to fall back slightly.”

“The central banks of Turkey and Hungary both have rate announcements today, but both are expected to keep rates unchanged.”

“Markets will be awaiting Wednesday’s meeting between US President Donald Trump and President of the EU Commission, Jean-Claude Juncker. Trump’s threat to impose tariffs on autos has increased tensions. However, his economic adviser Larry Kudlow has hinted that the US is negotiating with the EU. Therefore, a deal may be coming.”