Good Morning Traders! This Tuesday we get Services and Composite PMI for the Euro-Area.
Here is what to expect.
Sentiment
At its year-end meeting, Australia's central bank held interest rates steady, signalling that its policy tightening thus far is beginning to take hold due to declining inflation and a weaker labour market.
The Reserve Bank of Australia stated that although there is uncertainty about how businesses would modify salaries in reaction to the slowing economy at a time when the labour market is still tight, wage growth is not anticipated to increase much.
Tokyo's inflation rate dropped to its lowest level in more than a year, which confirms the Bank of Japan's assessment that price pressures are currently lessening and its ongoing caution on further policy tightening.
Economists who attended the first workshop for the Bank of Japan's wide policy review claimed that the bank kept its cards close to its breast and refrained from providing any indications regarding the direction of its future policies.
November saw a rise in a private indicator of China's services sector, allaying some concerns regarding the country's economic future.
Following a three-day decline, oil prices stabilised as Saudi Arabia declared that the recent curbs by 0PEC+ will be fully implemented and may be prolonged, responding to ongoing doubts about the curbs' efficacy.
Docket
03:50 AM ET
French Composite PMI
Median Forecast 44.5 | Prior 44.5 | Range 44.6/44.5
French Services PMI
Median Forecast 45.3 | Prior 45.3 | Range 45.4/45.3
03:55 AM ET
German Composite PMI
Median Forecast 47.1 | Prior 47.1 | Range 47.4/47.1
German Services PMI
Median Forecast 48.7 | Prior 48.7 | Range 48.8/48.7
04:00 AM ET
Eurozone Composite PMI
Median Forecast 47.1 | Prior 47.1 | Range 47.3/47.1
Eurozone Services PMI
Median Forecast 48.2 | Prior 48.2 | Range 48.3/48.2
04:30 AM ET
UK Composite PMI
Median Forecast 50.1 | Prior 50.1 | Range 50.4/50.1
UK Services PMI
Median Forecast 50.5 | Prior 50.5 | Range 50.8/50.2
Good Luck Today Traders!
