Major currencies aren’t up to much as the push and pull in trading this week is not giving traders much conviction to work with. That is exemplified by the situation in the bond market as outlined here earlier. So far today, dollar pairs are little changed and mostly stuck in narrow ranges still:
Perhaps we might get something to work with on the risk front as we get to European trading. US futures are lower, with tech shares leading the drop. S&P 500 futures are down 0.4% with Nasdaq futures down 0.8% currently. That shaves off some of the gains on the week as the S&P 500 holds at record highs. The retreat comes after Intel shares are seen plunging in pre-market after a softer Q1 guidance.
Looking to European trading, that might be the only thing for traders to work with. For the dollar though, there could be some balancing to do amid lower Treasury yields to start the day. So again, some pushing and pulling perhaps.
In terms of data releases, there won’t be anything too significant in the session ahead. As such, trading sentiment will rely more on the risk mood and bond market action ahead of the US PCE price report later in the day.
0700 GMT – Germany February GfK consumer sentiment
0745 GMT – France January consumer confidence
0900 GMT – Eurozone December M3 money supply
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.
