A quiet one on the calendar in what will be a big week ahead
It is the week before the US election but we will also be getting some key central bank meetings involving the BOC, BOJ and ECB in the coming days.
The dollar is firmer to kick start the new day as virus headlines have been running rampant over the past few days – and not in a good way. Elsewhere, hopes for a stimulus deal remain elusive and that is weighing on US futures as well.
S&P 500 futures are down ~0.6% while Nasdaq futures are down ~0.4% currently.
There might not be much firm direction in the market this week, as much of the focus will turn towards the election next week and how things will play out.
The worsening virus situation in major parts of the world is tilting the balance towards being more risk-off to start the day, and there is an argument for the narrative to gather pace in the session ahead with little else for European traders to work with for now.
0900 GMT – Germany October Ifo business climate index
Prior release can be found here. General indication of business morale, which is expected to stall amid the worsening virus situation in the country and across the region.
0900 GMT – SNB total sight deposits w.e. 23 October
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.
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!
