There isn’t much on the data docket coming up in the session ahead, so market players will be left to fend for themselves before we get to the key risk events later this week. All eyes are on major data releases in the US as noted here, so trading sentiment should be more tentative in the session ahead.
So far, major currencies are keeping steadier as traders also have to do some rethinking after a bit of a rebound in bond yields late last week. Meanwhile, equities were targeting a breakout on Friday but are now being pulled back after Moody’s downgraded the outlook for the US here. S&P 500 futures are down 0.5% currently as we head towards European trading.
There shouldn’t be much in it for the session ahead but if anything else, keep an eye out for yields and risk sentiment. Those are two potential drivers to move the otherwise lackadaisical momentum in FX to start the new week.
0900 GMT – SNB total sight deposits w.e. 10 November
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.