A relatively quiet start to the week with a public holiday in the US for independence day.
The Construction PMI fell this month in the UK from 51.2 to 46.0. Anything close to 50.0 is a relatively positive release – todays was set to drop slightly but not as much as we have seen. Tomorrow, Mark Carney publishes the Bank of England financial Stability Report which will be closely watched to see if there is anything in the markets to signal towards them having to restart their QE programme due to leaving the EU.
In the Eurozone this morning, producer price index is set to be released and we do expect to see a slight increase in may from April although it is set to be down on the release of this time last year.
Morning Market Rates