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Flash: Japanese fallout follows through to Europe - BTMU

FXstreet.com (Barcelona) - Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that the turmoil in the Japanese markets today has transmitted into the European trading session as well.

He sees that the drop in the China PMI back below the 50.0 won’t help sentiment here either but market conditions may well be shaped by the release of the advance PMI readings from Germany, France and the euro-zone. He comments, “The readings are still well below the 50.0 level in France and the euro-zone but today should see these indices move marginally higher. The second estimate of UK Q1 GDP data will be released also and with March data on production and construction broadly consistent with the 0.3% Q/Q gain first estimate, there should be no surprises from the report. FX will be more driven by equity markets and risk appetite today.”

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Flash: PMI strong enough to keep ECB on hold – TD Securities

Cristian Maggio, Senior Emerging Markets Strategist for TD Securities said that this morning’s PMI data was probably strong enough overall to keep the ECB from cutting rates again at the June meeting.
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