ZuluTrade Blog

Market Recap – Manufacturing and Service PMI releases

Market View | Friday, June 21, 2019 10:33 AM GMT

On the last day of the week, the focus turns to the PMI releases.

The week has been characterized by the Central Bankers that set the tone for 2H19. Mario Draghi (ECB) revealed that “he is ready to use all the flexibility within his mandate and will do so again”, Jerome Powell (FED) published the new FED dots that are pointing to rate cuts within 2019, Mark Carney (BOE) revised downwards the UK’s GDP 2019 projection and acknowledged that UK’s inflation is set to fall, Haruhiko Kuroda (BOJ) kept the monetary policy of Japan unchanged, and Øystein Olsen (Norges Bank) was left to be the only Central Banker that raised rates and could potentially raise rates again on September.

Macro releases: European Manufacturing and Service PMI is expected at 9.00 GMT, Canadian retail sales are expected at 13.30GMT and US Manufacturing and Service PMI is expected at 14.45GMT. In the likely event that the releases record increasing numbers, the continuation of the risk-on mode, that has been set by the expectations of further monetary loosening, could potentially continue.

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