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4 Feb 2015
US and UK data preview – RBS
FXStreet (Barcelona) - The RBS Team previews the services PMI release for UK and US, expecting euro area PMI to register a modest uptick revision, and US services ISM to hold steady.
Key Quotes
“Euro-area services PMIs include revisions to the January estimates of Euro-area PMIs, including German and French estimates. While our economists anticipate a modest uptick in the UK services PMI to 56.5, following the sharp plunge in December, we see the risks to UK growth momentum as skewed on the downside.”
“As my colleagues note [..], in the current disinflationary environment, further economic moderation could quickly shift the conversation in the UK away from simply delayed tightening toward outright easing.”
“Finally, turning to the US, the non-manufacturing ISM index is released for January along with the ADP estimate of private payroll growth.”
“Our economists expect the services ISM to hold steady at 56.5, matching a 5-month low.”
“Our estimate of 235K gain in private payrolls in January is close to the listed consensus for Friday’s BLS employment release and slightly above the listed consensus for the ADP estimate tomorrow.”
Key Quotes
“Euro-area services PMIs include revisions to the January estimates of Euro-area PMIs, including German and French estimates. While our economists anticipate a modest uptick in the UK services PMI to 56.5, following the sharp plunge in December, we see the risks to UK growth momentum as skewed on the downside.”
“As my colleagues note [..], in the current disinflationary environment, further economic moderation could quickly shift the conversation in the UK away from simply delayed tightening toward outright easing.”
“Finally, turning to the US, the non-manufacturing ISM index is released for January along with the ADP estimate of private payroll growth.”
“Our economists expect the services ISM to hold steady at 56.5, matching a 5-month low.”
“Our estimate of 235K gain in private payrolls in January is close to the listed consensus for Friday’s BLS employment release and slightly above the listed consensus for the ADP estimate tomorrow.”