“Perhaps the most crucial release of the week, will be the Eurozone’s preliminary PMIs for May – out on Thursday. Euro area growth has struggled in recent quarters, leading the European Central Bank (ECB) to put its rate-hike plans on ice and consequently hurting the euro. In fact, investors believe the normalisation ship has sailed, with money markets now suggesting a small probability for an ECB rate cut this year, not a hike,” says Raffi Boyadijian, an economist at XM.com.
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