By TraderVox.com
Tradervox.com (Dublin) –After last Friday’s announcement by the EU leaders, the market has been volatile with risk appetite growing by the day. Today, the Services PMI report in England and the Retail Sales in Australia are what investors are looking at. However, some of the reports that are shaping sentiments today include the Final Services Purchasing Managers’ Index which shows the results of a monthly survey on the rate of business conditions including employment, supplier deliveries, inventories, and new orders. This is expected to remain at 46.8 points for June. Further, the retail Sales in Europe is expected to show an increase to 0.2 percent. Investors will also be keen on the Final Gross Domestic Product for the euro region.
Prior to BOE rate decision meeting tomorrow, the market will be treated to PMI report which is expected to come at 53.0 this time down from 53.3. Great Britain Housing Equity Withdrawal report is due to be released today where a rise to negative 7.9 billion pound is expected. In addition, the market will be waiting for the Retail Sales report from Australia which might add to the strength of the Aussie as an increment to 0.3 percent is expected from last month’s 0.2 percent.
Investors will be looking at the indications of stimulus in those reports and we might see the market preparing for stimulus which will increase the demand for riskier assets. Economists and analysts are also looking at conditions in Germany to see whether the recent decision by the EU summit will give euro the required impetus to rally for longer. Further, as Spain troubles continue with some countries in the euro region opposing the decision to give ESM the ability to buy bonds directly, Italy has been seen as the next bailout-case in the euro region. Finally, there are sentiments regarding the Fed’s action that have added to the demand for riskier assets.
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