Eurozone CPI figures on the agenda today
It is a slow start to the day once again with major currencies little changed after having seen the dollar and yen keep steadier to start the new week.
10-year Treasury yields are keeping lower around 1.48% and that is keeping the mood in yen pairs leaning slightly towards the downside for the time being.
Elsewhere, US equities are still embracing the optimism ahead of the month/quarter-end while the dollar is holding its ground. That said, be wary of the London fix later today.
The ranges in play are still keeping with that we saw immediately post-FOMC and that may stay the course until we get to the non-farm payrolls on Friday.
With England edging out Germany yesterday, the mood in London is likely still reeling in celebrations so it may be a bit quiet on the trading front in the hours ahead.
0600 GMT – UK Q1 final GDP figures
The preliminary report can be found here. As this is the final report, it shouldn’t tell us much that we don’t already know and it is a lagging indicator by now.
0645 GMT – France June preliminary CPI figures
The prior release can be found here. French inflation is estimated to hold up in June as more robust price pressures continue to persist for the time being.
0700 GMT – Switzerland June KOF leading indicator index
The prior release can be found here. The reading measures the future trends of overall economic activity in the Swiss economy.
0755 GMT – Germany June unemployment change, rate
The prior release can be found here. The German jobless rate is estimated to tick a little lower in June though overall labour market conditions remain tough to draw any conclusions from for the time being. I reckon we’ll only get a better picture and understanding of the trend going into next year if anything else.
0800 GMT – Switzerland June Credit Suisse investor sentiment
The prior release can be found here. The reading measures analysts’ expectations on the Swiss economy and other economic expectations over the next 6 months.
0900 GMT – Eurozone June preliminary CPI figures
The prior release can be found here. Euro area inflation is expected to keep on the high side near May levels though the core reading is estimated to keep below 1% for now and that will allow the ECB to keep playing down the price outlook for now.
1100 GM – US MBA mortgage applications w.e. 25 June
Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. Amid the sudden turn higher rates this year, recent mortgage activity has dipped with purchases falling sharply alongside refinancing activity so it’ll be one to watch out for.
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.
