Given the broader focus on the market, there may be a bit of movement in European trading today. The mood in stocks continues to slip towards the softer side after yesterday’s drop, which could have been worse had it not been for some late orders in the US. The sentiment is that we’ll see Higher rates for longerOr at least that is the argument being made by the bond market as made here.
So far, there is little change between major currencies, futures and US Treasury yields. This is not surprising as the markets will wait for the US jobs report later before making any further convictions. In case you missed my previous post, here’s some food for thought about how labor market numbers have been overestimated lately.
Looking at Europe today, the economic calendar will not offer much in terms of market impact. So, it’s mostly all about waiting before the main event in the US.
0545 GMT – Switzerland’s unemployment rate for June
0600 GMT – Germany has industrial production
0600 GMT – UK house prices in Halifax
0645 GMT – French Trade Balance data for May
That’s it for the next session. I wish you all the best in the coming days and good luck with your trading! Stay safe out there.