Major currencies are looking rather muted today, after quite an indecisive showing yesterday. The dollar weakened in Europe yesterday only to storm back in US trading. And that comes despite a surging run higher in equities, with the S&P 500 up over 2% and Nasdaq up by 3%. So far today, US futures are much calmer with S&P 500 futures up 0.1% and Nasdaq futures flat.
As we look towards the end of the week, the bond market will also remain in focus as outlined here.
Looking to European trading, we might be in for a more sideways one potentially. Considering the lack of conviction yesterday, that could spill over to today as well. That especially considering the lack of key data releases to work with.
We will be getting the German Ifo business survey for February but that isn’t going to be much of a game changer after the PMI data yesterday. The survey should just reaffirm sluggish conditions with firms still staying hopeful of a turnaround in sentiment as the ECB looks to cut rates in the months ahead.
0700 GMT – Germany Q4 final GDP figures
0900 GMT – Germany February Ifo business climate index
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.