Rabobank: U.S. July PMI Flash Data May Understate Middle East Impact

Rabobank analysts warned that the U.S. July PMI flash data due out tonight may not fully reflect recent geopolitical and commodity market changes. According to Jin10, they said the July survey was likely completed over the past two weeks, so if many respondents answered early, they may not have fully considered current developments in the Middle East or the impact of this week’s oil price rise, which could bias the survey results.