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Euro area PMIs unlikely to have changed majorly in July

This week, European Central Bank President Draghi made reference to the “robust recovery” undergoing in the euro area. The stock market was spooked by the more neutral assessment of the euro area’s economy. Financial markets were expecting dovish undertones from the ECB.

Euro area PMIs have been in expansion territory for the last four years, but only recently have they broken beyond 55. This shows the most rapid pace of growth since the relief rally in 2011, which followed the European sovereign debt crisis of a year earlier.

In the latest print, the manufacturing PMI was up while the service sector gave up some ground. According to Wells Fargo, no major change is expected in July that indicates any change we get might be market moving. According to consensus expectations, manufacturing and services PMIs are likely to have come in at 57.2 and 55.4, respectively.

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