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6th June Market Updates

The UK service sector showed slight improvement in May with a PMI reading of 51.0, bettering the 50.6 expected and the 50.4 registered in April. The survey showed services firms saw an increase in new work for the first time in 5 months.
Eurozone PPI m/m -0.3% (0.4% Exp)
Eurozone Retail Sales m/m -0.4% (-0.5% Exp)
US ADP Non-Farm Employment Change 27K (185K Exp)
Speaking yesterday IMF Chief Christine Lagarde said she does not believe the continuing trade war between the US and China, and the new threat of US tariffs on Mexico will lead to a global recession.
ISM Non-Manufacturing PMI 56.9 (55.6 Exp)
Speaking yesterday US Fed Member Kaplan said whilst risks to the downside have increased, he believes it is too early to be calling for interest rate cuts anytime soon.

Overnight

Australia Trade Balance 4.87Bn (5.05Bn Exp)
German Factory Orders m/m 0.3% (0.1% Exp)
Financial markets are now pricing in more than a 70% chance of a Federal Reserve rate cut in July following comments from a number of Senior Fed members this week whom all appeared to leave the door open to such a move next month.

Today

The ECB will be firmly in focus this afternoon with their rate decision and monetary policy statement due at 12.45pm and the accompanying press conference from 1.30pm.

MAJOR CURRENCY PAIRS
Current at time of distribution

ECONOMIC CALENDAR
Current at time of distribution

Time (GMT)	Region	Data Release	Forecast	Previous
10.00	EUR	Final Employment Change q/q	0.3%	0.3%
10.00	EUR	Revised GDP q/q	0.4%	0.4%
10.00	GBP	BOE Gov Carney Speaks
12.45	EUR	ECB Interest Rate	0.00%	0.00%
12.45	EUR	ECB Monetary Policy Statement
13.30	EUR	ECB Press Conference
13.30	CAD	Trade Balance	-2.8Bn	-3.2Bn
13.30	USD	Trade Balance	-50.5Bn	-50.0Bn
13.30	USD	Unemployment Claims	215K	215K
15.00	USD	Ivey PMI	56.2	55.9