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German Business Sentiment

After begin whipsawed yesterday with the results from the Brexit vote in the UK Parliament, the euro is in for another busy day tomorrow with a host of key events.

Before we get to the ECB’s interest rate decision, we have a set of fresh economic data from Europe. The most important and market-moving will be the German PMI.

The flash reading is especially interesting for the markets because it’s a preliminary view for the current month. It has the most up-to-date perception of what’s going on in the economy.

It also typically has a direct impact on the exchange rate. And, with the ECB largely expected to stay the course, it might be the highlight of the trading day.

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What We Are Looking For

We start with France, where we could have our first complication.

Of the three PMI surveys, the one that is most relevant for the euro is the manufacturing measur...

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