The dollar sits in a solid spot amid all the events so far this week but there is still one final piece of the puzzle. The PMI data today will be a key focus point and softer readings there might offer some pushback against soaring bond yields on the week, although I doubt it would be lasting or anything significant.
The Japanese yen is the laggard on the day as the BOJ fails to walk the talk. It is now over to Ueda’s presser to see if he will make further mention of a “quiet exit” and if not, the pressure on the currency should continue especially with higher yields in play.
Looking ahead today, the UK faces a double whammy of sorts with there being the UK retail sales adding to the PMI data release. That will at least keep things interesting in the session ahead as we continue to work out which major economy is the worst right now. Spoiler alert.. It is not the US.
0600 GMT – UK August retail sales
0700 GMT – Spain Q2 final GDP figures
0715 GMT – France September flash manufacturing, services, composite PMI
0730 GMT – Germany September flash manufacturing, services, composite PMI
0800 GMT – Eurozone September flash manufacturing, services, composite PMI
0830 GMT – UK September flash manufacturing, services, composite PMI
1000 GMT – UK September CBI trends total orders
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.