Considering the broader market focus, there might be little action seen in European trading today. The mood in equities continues to err towards the softer side after yesterday’s decline, which could have been worse but for some late bids in the US. The prevailing sentiment is that we are going to see higher rates for longer, or at least that is the argument being made by the bond market as noted here.
So far today, there is little change among major currencies, US futures and Treasury yields. That is not too surprising as markets will be waiting on the US jobs report later before firming up any further convictions. In case you missed my earlier post, here is some food for thought about how the labour market numbers might be severely overestimated recently.
Looking ahead to Europe today, the economic calendar isn’t going to offer much in terms of market impact. So, it’s all about the waiting mostly before the main event in the US.
0545 GMT – Switzerland June unemployment rate
0600 GMT – Germany May industrial production
0600 GMT – UK June Halifax house prices
0645 GMT – France May trade balance data
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.