Economic calendar: Final services PMIs and retail sales from EMU

Summary:

• Final services PMIs from European economies
• Retail sales for March from the Eurozone economy
• Some central bankers on the agenda during the day

Final services PMI - Spain/Italy/France/Germany/Eurozone (8:15 am/8:45/8:50/8:55/9:00): Monday’s economic calendar does not abound in many important economic readings. This is in part due to a holiday in the United Kingdom. However, it is worth glancing at final services PMIs from European economies (the index from Spain will be the first one as there is no a preliminary one there). Having in mind that the services index for the Eurozone fell in April one may expect worse results from countries such as Italy and Spain - expectations point to such a scenario.

10:00 am GMT - retail sales from EMU for March: The consensus for today’s reading suggests a 0.1% MoM decline after a 0.4% MoM increase in February. In general, the underlying trend in retail sales has remained quite stable in recent months and it has been in lie with solid services PMIs. However, having in mind a deterioration in European services PMIs in April one may expect a bit weaker value for last month (excluding an Easter effect).

Central bankers’ speeches:

• 8:30 am GMT - ECB’s Lautenschlaeger

• 2:30 pm GMT - Fed’s Harker

• 4:00 pm GMT - ECB’s Praet

• 6:45 pm GMT - BoC’s Poloz

The EURGBP is rebounding from the important technical support localized at around 0.8490. Source: xStation5