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“We expect the ISM non-manufacturing index to bounce back in July to 56.3, following a decline to a two-year low at 55.1,” TD Securities analysts argue previewing next week’s key macro events in the United States.

Key quotes

“Regional indices point to an improvement in July, with the Empire, Philly and Dallas Fed surveys suggesting an increase in activity. This would imply further divergence between the economy’s services and manufacturing sectors.”

“Following Chair Powell’s non-committal guidance at the press conference, we expect voters Bullard and Evans to make the case for the doves at the FOMC. Both have argued for 50bp in cuts to support the economy this year, but the recent escalation in trade talks between the US and China has raised the stakes further.”