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Analysts at Rabobank point out that today we will see final German Q1 GDP, and then provisional May PMIs across the EU and will be a key economic release for today’s session.

Key Quotes

“The consensus is the European figure will remain below 50 for manufacturing but edge up slightly (48.1) while services will also tick higher to a healthier 53.”

“We also have the key German IFO survey, which is seen broadly unchanged from last month. The ECB also releases the minutes from its April meeting.”

“In the US we also have the Markit PMI surveys, with manufacturing seen 52.7, mostly the same as in April, and services up at 53.4. New home sales follow, seen partially reversing March’s 4.5% m/m jump at -2.5%.”

“Additionally, we hear from the Fed’s Kaplan, Daly, Bostic, and Barkin.”