Eurozone: June PMIs eyed to forecast Q2 GDP – RBC CM

Sue Trinh, Senior Currency Strategist at RBC Capital Markets, suggests that the Euro area flash June PMIs will provide another piece of information to plug into the Q2 GDP forecast.

Key Quotes

“Up to this point, the PMI-based GDP indicator has been signaling Q2 growth of 0.3% q/q, slightly below RBC’s 0.4% q/q forecast. However, the near-term prospects don’t point to a pick-up in momentum, as the forward-looking new orders component fell in May by more than a point relative to the Q1 average.”