European Markets Open Higher
3/7: German Manufacturing PMI to Affect the EUR
7/7: Nonfarm Payrolls to Affect the USD
Last Week’s Recap – Mario Draghi’s Comments Affect the Markets
EU Markets wobbled last week after European Central Bank president, Mario Draghi, defended the bank’s loose monetary policy and warned that ending easing measures prematurely could lead to another recession. The greenback also dipped after markets sensed that tightening monetary policy could soon extend beyond the U.S. to Europe and Canada.*
Monday Morning Briefing – European Markets Open Higher Ahead of Barclays Hearing
European bourses started the day higher on Monday, posting solid gains for the first half of the year. Oil prices were also higher today on France’s Total announcement that it would sign a $1 billion deal investing in a giant Iranian gas field. Investors will also be looking very closely at the fraud trial hearing into Barclays’ four former executives who were accused of raising capital from Qatar at the height of the financial crisis. The ex-Barclays executives, will appear in a London court for the first time today to face fraud allegations over a 2008 bank capital raising with Qatari investors.**
Important Events and News Releases that will Define this Week’s Markets:
MON 3/7 – German Manufacturing PMI (Jun) to Affect the EUR
The German Manufacturing Purchasing Managers’ Index came in stronger than expected at 59.3 for the first weeks of June and revealed that Germany’s manufacturing sector is growing steadily. This Monday, investors will be looking closely at the new PMI release which is due to come out at 7:55 GMT with forecast pointing to another robust reading of 59.4. It should be noted that a stronger than expected reading could push the EUR pairs higher.***
FRI 7/7 – Nonfarm Payrolls (Jun) to Affect the USD
This Friday traders will be looking forward to June’s Nonfarm Payroll report which is due to be released at 12:30 GMT. It should be noted that forecasts point to a robust reading of 183K versus a previous 138K. A stronger than expected reading should be taken as positive for the USD crosses.***
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*Source: Bloomberg
**Source: CNBC
***Source: Investing.com
View all Important economic releases & events this week:
