The dollar continues to keep steadier in the new day, following a decent showing in trading yesterday. The changes are light and more delicate, as traders are still eyeing the bigger risk events coming up in the days ahead and next week. The aussie is the laggard and most notable mover, after the RBA kept the cash rate unchanged at 4.35% earlier in the day.
In other markets, bond yields are back lower as the push and pull continues while equities remain on the softer side after yesterday’s limp showing. S&P 500 futures are down 0.2% and that is setting up for a tepid open later in European trading.
In terms of data today, there isn’t going to be much to really move the needle. We will be getting euro area services and composite PMI readings but they are the final estimates for November. So, don’t expect much from that.
As such, trading sentiment will revolve more around the bond market moves and overall risk sentiment at this point. All that before we start to shift the focus towards the US non-farm payrolls on Friday.
0815 GMT – Spain November services PMI
0845 GMT – Italy November services, composite PMI
0850 GMT – France November final services, composite PMI
0855 GMT – Germany November final services, composite PMI
0900 GMT – Eurozone November final services, composite PMI
0930 GMT – UK November final services, composite PMI
1000 GMT – Eurozone October PPI figures
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.