Yesterday Bank of England and FOMC minutes have proven to be hawkish. In the case of BoE, two members of the monetary policy committee (MPC) had broken up and voted for raising interest rates during the last meeting.

Lots of PMI readings today. Night data on Japan PMI manufacturers were found to be positive (52.4, prev. 50.5), which stands in contrast with its sister data from China, where HSBC issued a 50.3 note, against 51.5 forecast.

Mixed data came from Germany, France and whole EMU, but market reaction to PMI readings was almost not visible. Great Britain breaks up the scheme and does not publish surveys today, but will show the retail sales readings.

What will Yellen say?
What will Yellen say?

There are also important data from USA to look for:

  • Traditional, jobless claims – especially important in the context of the 4-week average,
  • Markit manufacturing PMI,
  • Existing home sales in the secondary market.

Thursday is also a start-day of economic symposium in Jackson Hole. Analysts focus mainly on Janet Yellen speech. Some believe that she will not touch the current monetary policy topic. From the other side, investors think that she may perversely say something very dovish to compensate hawks FOMC minutes.

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