That will once again make for a quieter session in Europe, barring any surprise headlines. The dollar is little changed currently, after having traded more mixed yesterday. Meanwhile, US stocks started the week in a more muted tone with the S&P 500 closing flat. It’s all on US data in the next few days to really get markets going.
The first of the major releases will be the PPI report later today.
While it typically isn’t one to make a splash, the release today might have more impact than usual. That considering how markets have been waiting and coiling up over the last one week or so.
As mentioned yesterday, it’s all about how the data will impact the Fed outlook first and foremost. The odds of a September rate cut are at ~76% now with ~41 bps worth of rate cuts priced in for the year.