It’s PMI day in Europe

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The dollar remains stable so far today, maintaining a decent lead from yesterday as bonds capitulated while equities came under pressure. I mean, 10-year treasury yields have seen a big jump from 3.55% to 3.70% in US trading, so that’s definitely something. There are no easy answers on the former and Adam provided some fair points yesterday here.

The mix of this comes with a historic intervention from Japan to support the yen while the SNB and BOE are sticking to further policy tightening in an attempt to get inflation under control. And let’s not forget that markets still have to digest the Fed’s policy decision this week, with Powell due to speak later today. However, his talk will only be for the opening remarks (~5 minutes) of the latest Fed Listens event (themed “Transitioning to the Post-Pandemic Economy”).

But before we get to that, the Euro and risky trades will once again be front and center with preliminary September PMI data releases in the region set to temporarily steal the show in the upcoming session.

0700 GMT – Final second quarter GDP figures for Spain0715 GMT – France September flash manufacturing, services, composite PMI0730 GMT – Germany September flash manufacturing, services, composite PMI0800 GMT – Eurozone September flash manufacturing, services, composite PMI0830 GMT – UK September Flash Manufacturing, Services, Composite PMI1000 GMT – UK September CBI Retail Sales Reported

That’s it for the upcoming session. I wish you all the best days ahead and good luck with your trading! Stay safe.

This article was written by Justin Low at forexlive.com.

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