MNI EUROPEAN OPEN: Daly Sees Rate Cuts Coming

Aug-05 05:48By: Jamie Grant

Europe

EXECUTIVE SUMMARY

FED'S DALY SEES CUTS COMING - RTRS/BBG
A FEW BOJ MEMBERS WOULD HIKE RATES IF TRADE TENSIONS EASED - MNI
US-JAPAN TRADE DEAL WIN-WIN, TALKS TO CONTINUE - BBG
MODERATE INFLATION GIVES BOK CONFIDENCE TO RESUME EASING - BBG

Fig 1: USDJPY Nearing Key Technical Levels

Source: MNI - Market News/Bloomberg/Refinitiv.

CLIMATE (BBG): “The UK started negotiations to add two carbon capture plants to a planned network to sequester emissions from businesses and store the gas under the sea, according to a statement from the Department for Energy Security and Net Zero.”

EU (EURACTIV): “The European Commission risks caving to US pressure to weaken its landmark digital regulations as it seeks to finalise last month's preliminary trade agreement with Washington, according to Bernd Lange, chair of the European Parliament’s international trade committee.”

ITALY (EURACTIV): “Italy is expanding its Special Economic Zone to central regions Umbria and Marche, in a move backed by Prime Minister Giorgia Meloni and seen as a strategic push ahead of key regional elections.”

RUSSIA (POLITICO): “The Kremlin continues to slow-walk any potential ceasefire negotiations with Kyiv, with a spokesperson claiming Russian President Vladimir Putin “does not rule out” a meeting with his Ukrainian counterpart — but only after unspecified “work” is done.”

POLAND (POLITICO): “Karol Nawrocki, a historian and amateur boxer aligned with U.S. President Donald Trump, will be inaugurated as Polish president on Wednesday amid a hubbub over his football hooligan past and a property deal that triggered a criminal probe.”

FED (RTRS/BBG): “San Francisco Federal Reserve Bank President Mary Daly said the time is nearing for interest rate cuts given mounting evidence that the job market is softening and there are no signs of persistent tariff-driven inflation, Reuters reports.”

TRADE (BBG): “President Donald Trump’s expanded reciprocal tariffs will not apply to any products loaded onto a vessel for transport into the US before 12:01 a.m. New York time on Thursday, according to guidance issued by US Customs and Border Protection.”

POLITICS (WSJ/BBG): “The White House is preparing to step up pressure against big banks over perceived discrimination against conservatives and crypto companies with an executive order that threatens to fine lenders that drop customers for political reasons.”

POLITICS (BBG): “Texas Governor Greg Abbott ordered the arrest of Democratic lawmakers who left the state to block a controversial vote on new congressional maps.”

OIL (BBG): “The largest independent Permian Basin oil driller is warning of a bearish influx of crude supplies to global markets in coming months. In preparation, Diamondback Energy Inc. is cutting $100 million in capital spending, narrowing its output forecast and delaying some fracking work.”

OTHER

JAPAN (MNI): “A few Bank of Japan board members said they would consider resuming interest rate hikes if trade tensions were expected to ease without further escalation, according to minutes of the June 16-17 meeting released on Tuesday.”

JAPAN (BBG): “The trade deal reached last month between the US and Japan was “win-win” for both countries, but implementing the terms of the pact may be a bigger challenge than reaching the deal, Japanese Prime Minister Shigeru Ishiba said.”

JAPAN (BBG): “Japan’s top trade negotiator plans to leave for the US on Tuesday as Tokyo aims to urge Washington to proceed with a cut to tariffs on cars as promised in last month’s trade deal.”

JAPAN (BBG): “A panel advising Japan’s government called for a record increase to the minimum wage for a second straight year, sending a positive signal to the Bank of Japan as it pursues demand-led economic growth.”

AUSTRALIA-JAPAN (BBG): “Australia has selected Japan’s Mitsubishi Heavy Industries to build a new class of naval frigate, Defence Minister Richard Marles said, boosting strategic ties between the two US allies. “This is clearly the biggest defense industry agreement that will ever have been struck between Japan and Australia,” Marles told reporters.”

AUSTRALIA (MTN/BBG): “The ANZ-Roy Morgan Australian consumer confidence rose 3.9 points to 90.6 points in the week of July 28 to Aug. 3, its highest since May 2022, driven by an increase across all the subindices, ANZ reported Tuesday.”

SOUTH KOREA (BBG): “The pace of consumer inflation in South Korea slowed, giving the central bank added incentive to resume its rate-cut cycle as the trade-reliant economy braces for the impact from higher US tariffs.”

BRAZIL (BBC): “Brazil's Supreme Court has ordered that the former right-wing President Jair Bolsonaro be put under house arrest. He is standing trial over allegations he plotted a coup, which he denies.”

CHINA

FISCAL (YICAI): “China's recent decision to impose value-added tax (VAT) on interest income from newly issued treasury bonds, local government bonds and financial bonds is projected to generate approximately CNY208.6 billion in additional fiscal revenue between 2025 and 2027, according to estimates by Caitong Securities.”

INFLATION (SECURITIES DAILY): “China’s CPI is expected to reach 0.16% m/m in July, but fall to -0.45% y/y due to base effects, according to Ming Ming, chief economist at CITIC Securities.”

TRADE (MOC): “China’s total value of service trade reached CNY3.8 trillion in H1, an increase of 8.0% y/y, of which exports totalled CNY1.6 trillion, up 15.0%, with imports reaching CNY2.1 trillion, up 3.2% y/y, data from the Ministry of Commerce showed.”

MNI: PBOC Net Drains CNY288.5 Bln via OMO Tuesday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY160.7 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net injection of CNY288.5 billion after offsetting maturities of CNY449.2 billion today, according to Wind Information

The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.4167% at 09:52 am local time from the close of 1.4518% on Friday.
The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 48 on Monday, compared with the close of 47 on Friday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.

MNI: PBOC Sets Yuan Parity Lower At 7.1366 Tues; -0.03% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 7.1366 on Tuesday, compared with 7.1395 set on Monday. The fixing was estimated at 7.1683 by Bloomberg survey today.

MARKET DATA

AUSTRALIA S&P GLOBAL JULY F SERVICES PMI 54.1; JUNE 51.8
AUSTRALIA S&P GLOBAL JULY F COMPOSITE PMI 53.8; JUNE 51.6

AUSTRALIA JUNE HOUSEHOLD SPENDING +4.8% Y/Y; EST. 4.9%; JUNE 4.4%
AUSTRALIA JUNE HOUSEHOLD SPENDING +0.5% M/M; EST. +0.8%; JUNE +1.0%

AUSTRALIA JULY ANZ JOB ADVERTISEMENTS -1.0% M/M; JUNE +1.6%

NZ JULY ANZ COMMODITY EXPORT PRICES -1.8% M/M; JUNE -2.4%

JAPAN S&P GLOBAL JULY F SERVICES PMI 53.6; JUNE 51.7
JAPAN S&P GLOBAL JULY F COMPOSITE PMI 51.6; JUNE 51.5

CHINA S&P GLOBAL JULY SERVICES PMI 52.6; EST. 50.4; JUNE 50.6
CHINA S&P GLOBAL JULY COMPOSITE PMI 50.8; JUNE 51.3

SOUTH KOREA JULY CONSUMER PRICES +0.2% M/M; EST. +0.2%; JUNE 0.0%
SOUTH KOREA JULY CONSUMER PRICES +2.1% Y/Y; EST. +2.1%; JUNE +2.2%
SOUTH KOREA JULY CPI EX FOOD & ENERGY +2.0% Y/Y; EST. 2.0%; JUNE 2.0%

SOUTH KOREA FOREIGN RESERVES JULY $411.33B; JUNE $410.20B

MARKETS.
US TSYS: Asia Wrap - Yields End A Little Higher, Led By The Front-End

The TYU5 range has been 112-10 to 112-15+ during the Asia-Pacific session. It last changed hands at 112-11, down 0-01 from the previous close.

The US 2-year yield has edged higher trading around 3.696%, up 0.02 from its close.
The US 10-year yield has moved higher trading around 4.20%, up 0.01 from its close.
US TSY FLOWS BLOCK: 4000 of FVU5 traded at 109-03+. The contract is currently trading at 109-03, -0-01+ from closing levels.
The 10-year yield had a powerful move lower in reaction to the NFP data, breaking below its 4.30% pivot within the wider range 4.10% - 4.65%. This now turns momentum lower in yields and you could expect buyers of treasuries on bounces back towards 4.30/35% now looking to initially test the 4.10% area.
Bloomberg - “The Fed may need more than two rate cuts this year, Mary Daly told Reuters. “I was willing to wait another cycle, but I can’t wait forever,” she said.”
“The rally in US government debt was muted, as investors braced for heavy supply this week of $125 billion in new three-, 10- and 30-year bonds. ” - BBG
David Rosenberg on X: “The virtual stalling-out in payroll growth in the past three months has been a recession predictor with 100% accuracy over the past six decades. Score a win for Bowman and Waller, whose crystal balls are clearer than the rest of the FOMC pack.”
Data/Events: Trade Balance, S&P Global PMI’s, ISM Services

Fig 1: 10-Year US Yield 120min Chart

Source: MNI - Market News/Bloomberg Finance L.P

JGBS: Richer Despite Poor 10Y Auction

JGB futures are holding stronger, +26 compared to settlement levels, despite today’s poor 10-year auction.

(MNI) A few Bank of Japan board members said they would consider resuming interest rate hikes if trade tensions were expected to ease without further escalation, according to minutes of the June 16-17 meeting released on Tuesday. However, the minutes offered no indication on the timing or pace of future rate increases.
Bloomberg - "MUFG CEO Hironori Kamezawa called on the BOJ to raise its policy rate as early as the next meeting to combat strong inflation."
Cash US tsys are flat to 2bps cheaper, with a flattening bias, in today's Asia-Pac session after yesterday's modest extension of Friday's rally.
Cash JGBs are 1-4bps richer across benchmarks, led by the 10-year. The benchmark 10-year yield is 4.1bps lower at 1.475% after today's supply.
The 10-year JGB auction delivered weak results, with the low price failing to meet expectations at 100.21, according to the Bloomberg dealer poll. Moreover, the cover ratio decreased to 3.0592x from 3.5070x, and the tail lengthened to 0.14 from 0.03.
Swap rates are flat to slightly lower. Swap spreads are mostly wider.
Tomorrow, the local calendar will see Cash Earnings data.

AUSSIE BONDS: Richer But Off Bests, Mar-36 Supply Tomorrow

ACGBs (YM flat & XM +4.0) are holding richer but well off session bests.

June household spending printed lower than expected at 0.5% m/m bringing the annual rate to 4.8% up from May’s 4.4% though. Q2 consumption volumes rose 0.7% q/q, third consecutive gain, up from Q1’s 0.5% signalling that private spending in the national accounts on September 3 could be slightly higher than Q1’s 0.4%. This is an area that has disappointed RBA expectations given the growth in real incomes and it is monitoring closely.
Cash US tsys are flat to 2bps cheaper, with a flattening bias, in today's Asia-Pac session after yesterday's modest extension of Friday's rally. The highlight of today's US calendar will be the US ISM services index for July.
Cash ACGBs are 11bps richer after being closed for a bank holiday yesterday, with the AU-US 10-year yield differential at +1bp.
The bills strip is richer, with pricing flat to +1.
RBA-dated OIS pricing is giving a 25bp rate cut in August a 100% probability, with a cumulative 65bps of easing priced by year-end.
Tomorrow, the local calendar will be empty apart from the AOFM planned sale of A$900mn of the 4.25% 21 March 2036 bond. A$1000mn of the 3.00% 21 November 2033 bond is planned for Friday.

BONDS: NZGBS: Richer & At Session Bests, Q2 Employment Data Tomorrow

NZGBs closed at session bests, 4-5bps richer.

Cash US tsys are flat to 2bps cheaper, with a flattening bias, in today's Asia-Pac session after yesterday's modest extension of Friday's rally. The highlight of today’s US calendar will be the US ISM services index for July.
ANZ commodity export prices fell 1.8% m/m in July versus a revised -2.4% in June.
Tomorrow, the local calendar will see Q2 labour market data. It is expected to show that it weakened in the quarter after some signs of stabilisation in Q1. The unemployment rate is forecast to rise 0.2pp to 5.3% more than the RBNZ's 5.2% May projection. If the data print is as weak as or weaker than the Bloomberg consensus, then a rate cut on August 20 is likely.
RBNZ dated OIS pricing closed showing 23bps of easing is priced for August, with a cumulative 42bps by November 2025.
On Thursday, the NZ Treasury plans to sell NZ$225mn of the 4.50% May-30 bond, NZ$175mn of the 4.50% May-35 bond and NZ$50mn of the 1.75% May-41 bond.

FOREX: Asia FX Wrap - BBDXY Finds Demand Sub 1210

The BBDXY has had a range of 1208.49 - 1211.50 in the Asia-Pac session, it is currently trading around 1211, +0.04%. The USD, with a huge rejection of the 1220/1230 area on Friday, had a knee-jerk reaction lower to the outsized move in US rates as the market's view on growth and interest rate cuts is re-evaluated. The USD is consolidating just above its 1205 support, with very little reaction to either rates extending lower or Equities bouncing strongly.

EUR/USD - Asian range 1.1554 - 1.1588, Asia is currently trading 1.1560. The pair has bounced nicely off the important 1.1300/1.1400 area. The market is consolidating just ahead of its first resistance towards 1.1650/1.1700.
GBP/USD - Asian range 1.3278 - 1.3303, Asia is currently dealing around 1.3280. This pair bounced nicely off the 1.3100/1.3200 support area. I would suspect sellers would be around on a bounce back towards 1.3400 initially.
USD/CNH - Asian range 7.1774 - 7.1843, the USD/CNY fix printed 7.1366, Asia is currently dealing around 7.1830. Sellers should be around on bounces while price holds below the 7.2200/2500 area and the PBOC manages the fix lower. Above 7.2500 and we could see a test of the USD Shorts.
Cross asset : SPX +0.15%, Gold $3372, US 10-Year 4.20%, BBDXY 1211, Crude Oil $66.16
Data/Events : France Industrial/Manufacturing Production/HCOB PMI’s, Spain Homes Sales/Industrial Production/HCOM PMI’s, Italy HCOM PMI’s, Germany HCOB PMI’s, EZ HCOM PMI’s/PPI

Fig 1: GBP/USD Spot 120min Chart

Source: MNI - Market News/Bloomberg Finance L.P

JPY: USD/JPY - Finds Some Demand Sub 147.00

The Asia-Pac USD/JPY range has been 146.62 - 147.26, Asia is currently trading around 147.20, +0.05%. USD/JPY was capped by decent supply around 148.00 overnight and traded heavy into our open ignoring the big bounce in US Equities. Price has moved very quickly away from the pivotal 151/152 area much to the relief of Institutional JPY longs and the BOJ. CFTC Data shows leveraged accounts had started to aggressively build Yen shorts last week so this quick move lower would be a bitter pill to swallow. Price is tested the first support area around 146.50/147.00 where it found good demand this morning, a move sub 145.00 is needed to turn momentum lower once more, until then the 145.00-151-00 range should dominate.

"AKAZAWA: WILL MULL COLLABORATION WITH US ON PHARMA SUPPLY, WILL WORK CLOSELY WITH US ON CHIP MANUFACTURING. CHIP, PHARMA ARE IMPORTANT FOR ECONOMIC SECURITY. WILL ALSO AIM TO BOOST INWARD DIRECT INVESTMENT" - BBG - BBG
"ISHIBA: BELIEVE TRADE DEAL DAMAGE TO AUTO INDUSTRY MINIMAL, DEAL IS WIN-WIN BASED ON JAPAN'S TECH, US LABOR AND MKT. LIMITING IMPACT OF TRADE DEAL ON JAPAN FARMERS CRITICAL, TRADE DEAL DOESN'T AFFECT JAPAN'S RICE FARMERS" - BBG
Bloomberg - “MUFG CEO Hironori Kamezawa called on the BOJ to raise its policy rate as early as the next meeting to combat strong inflation.”
“Japan is set to shift its policy on rice to focus on boosting production, moving away from adjusting output to maintain price stability, Nikkei reported.” - BBG
Options : Close significant option expiries for NY cut, based on DTCC data: 144.00($1.13b).Upcoming Close Strikes : 147.00($1.31b Aug 6), 148.50($1.24b Aug 7) - BBG.
CFTC data shows asset managers surprisingly added slightly to their JPY longs +75119( Last +72326), while leveraged funds aggressively added to their newly built short JPY position -31280(Last -11571).

Fig 1 : USD/JPY Spot 120min Chart

Source: MNI - Market News/Bloomberg Finance L.P

AUD/USD - Drifts Lower, Even With Risk Trading Well

The AUD/USD has had a range of 0.6454 - 0.6480 in the Asia- Pac session, it is currently trading around 0.6455, -0.17%. The AUD has traded heavy for most of our session even with risk trading positively. The AUD bounced nicely off the 0.6400 area but I suspect sellers might return back towards 0.6500/50 initially, though the bounce in equities overnight might suggest the correction I was looking for might not be as imminent as first thought.

AUSTRALIA DATA: Q2 Spending Volumes Suggest Slight Pickup In Consumption Growth. June household spending printed lower than expected at 0.5% m/m bringing the annual rate to 4.8% up from May’s 4.4% though. Q2 consumption volumes rose 0.7% q/q, third consecutive gain, up from Q1’s 0.5% signalling that private spending in the national accounts on September 3 could be slightly higher than Q1’s 0.4%. This is an area that has disappointed RBA expectations given the growth in real incomes and it is monitoring closely.
"The ANZ-Roy Morgan Australian consumer confidence rose 3.9 points to 90.6 points in the week of July 28 to Aug. 3, its highest since May 2022, driven by an increase across all the subindices, ANZ reported Tuesday." - MTN
Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6550(AUD831m), 0.6600(AUD847m). Upcoming Close Strikes : 0.6500(AUD4.16b Aug 8), 0.6600(AUD1.97b Aug 7), 0.6800(AUD1.72b Aug 7) - BBG
CFTC Data shows Asset managers reduced their shorts slightly -49183(Last -53959), the Leveraged community added to their own shorts -13997(Last -12010).
AUD/JPY - Asia-Pac range 94.95 - 95.29, Asia is trading around 95.00. The pair failed on multiple attempts above 97.00 and has moved swiftly back to test its first support toward the 95.00 area. Like the rest of the crosses the price action stands out in that it has not benefited at all from the strong bounce in risk overnight. There should be sellers around the 96.00/96.50 area initially.

Fig 1: AUD/USD spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

NZD/USD - Trades Heavy Even With Risk Extending Higher

The NZD/USD had a range of 0.5891 - 0.5923 in the Asia-Pac session, going into the London open trading around 0.5895, -0.25%. US Yields slipped lower again overnight, but stocks came roaring back and the USD went nowhere. NZD/USD bounced nicely off its 0.5850 support but would suspect sellers would return on any bounce back toward 0.6000, it looks like we might consolidate within the 0.5850-0.6100 range while we wait for clearer direction. It has traded heavy in our session after initially trying higher, ignoring the move higher in risk.

(Bloomberg) -- New Zealand's commodity export prices fell 1.8% m/m in July versus revised -2.4% in June, according to ANZ Bank.
CHINA PMI Services Records Large Gains: China's S&P Global China PMI (formerly CAIXIN) came in ahead of expectations in July. Up at 52.6, it was a material increase from June's result of +50.6 and estimates of +50.4. The result was the best since May 2024 with the employment index up to +50.9, from June's contraction.
“The US is exploring ways to equip AI chips with location tracking to curtail exports to China and other restricted countries.” - BBG
Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.5970(NZD3496m Aug 7). - BBG
Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6000(NZD315m). Upcoming Close Strikes : 0.5970(NZD496m Aug 7), 0.6140(NZD364m Aug 7). - BBG
AUD/NZD range for the session has been 1.0938 - 1.0960, currently trading 1.0955. The Cross continues to consolidate on a 1.09 handle as the pair tries to build some momentum to move higher.

Fig 1: NZD/USD Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

ASIA STOCKS: Strong Day for Most Bourses

Major Asian bourses continued in a positive mood today on hopes that US rate cuts might be forthcoming. With earnings strong thus far markets continue to be bought on dips despite high valuations.

The NIkkei had a strong day rising +0.58% after yesterday's falls.
China's bourses were all up with the Hang Seng by +0.59%, CSI 300 +0.55%, Shanghai up +0.70% and Shenzhen up +0.50%.
The TAIEX in Taiwan is up strongly by +1.05%
The KOSPI rallied +1.50% after weak CPI brought rate cuts back on the table.
The FTSE Malay KLCI is up +0.35% and the Jakarta Composite up strongly by +0.96%.
The Straits Times rose +0.44% and the PSEi in the Philippines just +0.14%.
The NIFTY 50 is not following regional trends, down -0.45% at the open.

OIL: Crude Stabilizes, Watching Outcome Of US Threats On Russian Oil Purchasers

Oil prices are only slightly lower today after falling over 5% since last Wednesday. WTI is 0.15% lower at $66.19/bbl off its intraday low of $66.02. Brent is down 0.1% to $67.37/bbl after falling to $67.22, trading below the 50-day EMA at $67.95. The USD index is little changed.

Oil is finding support from the August 8 deadline for Russia and Ukraine to agree on a truce otherwise the US will increase tariffs on not only Russia but also those who purchase its oil. He has been targeting India and PM Modi has responded that India is not going to stop buying Russian fossil fuels. If measures are imposed and are effective in reducing Russian exports, then global supply could be materially impacted as other sources are sought but currently markets see that scenario as unlikely.
Before Russia’s invasion of Ukraine, India didn’t import oil from there but now around a third comes from Russia driven by its lower prices, according to Bloomberg. China is also a major importer of Russian crude but has not yet been named specifically.
Assuming uninterrupted Russian oil shipments, global excess supply is widely expected with OPEC ramping up production. Supply indicators will therefore be monitored closely. Later on Tuesday industry-based US inventory data is released.
Later June US trade, final July S&P Global services/composite PMIs and services ISM print. In Europe, there are July services/composite PMIs and June euro area PPI.

GOLD: Bullion Off Today’s High But Holding Onto Post-Payroll Gains

Gold prices are slightly lower in today’s APAC session after rising sharply following the disappointing US July payrolls data and increased pricing of Fed rate cuts. They peaked at $3382.40/oz before trending lower to $3371.33 and are around $3372.0. The higher US dollar and yields put downward pressure on non-interest bearing bullion.

Silver is down 0.1% to $37.384 after a high of $37.494. It reached a low of $37.371 earlier.
Equities have followed the US higher with the Nikkei up 0.6%, Hang Seng +0.3%, KOSPI +1.4% and S&P e-mini +0.1%. Oil prices are lower with WTI -0.2% to $66.16/bbl. Copper is up 0.3%.
Later June US trade, final July S&P Global services/composite PMIs and services ISM print. In Europe, there are July services/composite PMIs and June euro area PPI.

UP TODAY (TIMES GMT/LOCAL)

Date	GMT/Local	Impact	Country	Event
05/08/2025	0645/0845	*	FR	Industrial Production
05/08/2025	0700/0900	**	ES	Industrial Production
05/08/2025	0715/0915	**	ES	S&P Global Services PMI (f)
05/08/2025	0715/0915	**	ES	S&P Global Composite PMI (final)
05/08/2025	0745/0945	**	IT	S&P Global Services PMI (f)
05/08/2025	0745/0945	**	IT	S&P Global Composite PMI (final)
05/08/2025	0750/0950	**	FR	S&P Global Services PMI (f)
05/08/2025	0750/0950	**	FR	S&P Global Composite PMI (final)
05/08/2025	0755/0955	**	DE	S&P Global Services PMI (f)
05/08/2025	0755/0955	**	DE	S&P Global Composite PMI (final)
05/08/2025	0800/1000	**	EU	S&P Global Services PMI (f)
05/08/2025	0800/1000	**	EU	S&P Global Composite PMI (final)
05/08/2025	0830/0930	**	GB	S&P Global Services PMI (Final)
05/08/2025	0830/0930	***	GB	S&P Global/ CIPS UK Final Composite PMI
05/08/2025	0900/1100	**	EU	PPI
05/08/2025	0900/1000	**	GB	Gilt Outright Auction Result
05/08/2025	1230/0830	**	US	Trade Balance
05/08/2025	1230/0830	**	CA	International Merchandise Trade (Trade Balance)
05/08/2025	1230/0830	**	US	Trade Balance
05/08/2025	1255/0855	**	US	Redbook Retail Sales Index
05/08/2025	1345/0945	***	US	S&P Global Services Index (final)
05/08/2025	1345/0945	***	US	S&P Global US Final Composite PMI
05/08/2025	1400/1000	***	US	ISM Non-Manufacturing Index
05/08/2025	1530/1130	**	US	US Treasury Auction Result for 52 Week Bill
05/08/2025	1700/1300	***	US	US Note 03 Year Treasury Auction Result
06/08/2025	2330/0830	**	JP	average wages (p)
06/08/2025	0600/0800	**	DE	Manufacturing Orders
06/08/2025	0730/0930	**	EU	S&P Global Final Eurozone Construction PMI
06/08/2025	0800/1000	*	IT	Industrial Production
06/08/2025	0830/0930	**	GB	S&P Global/CIPS Construction PMI
06/08/2025	0900/1100	**	EU	Retail Sales
06/08/2025	1100/0700	**	US	MBA Weekly Applications Index