PMI data set to finally liven up the economic calendar in Europe this week | investingLive

After a couple of days of having to just wait on trade headlines, we finally will have something to work with in European morning trade today. Of note, we’ll be getting the preliminary PMI data releases for July from France, Germany, Eurozone, and the UK.

The euro area data shouldn’t hold too much impact, with the ECB decision later in the day being set in stone. As for the September decision, a lot of that will ride on inflation data and even more so the US-EU trade negotiations. So, those are bigger factors to watch out for than economic activity for the time being.

That being said, don’t rule out the potential for some modest market moves if there are any major beats/misses on estimates.

After all of this, the main event will be the ECB policy decision later in the day at 1215 GMT. However, it should be a rather straightforward one with the central bank set to keep key rates unchanged in deferring to September instead. So, it should be a non-event barring any surprises.