A sense of lull before we get to the US non-farm payrolls tomorrow
The market is seemingly rather lackadaisical once again with flattish tones all around being observed, as everyone is counting down to the US jobs report on Friday.
Major currencies remain little changed with the dollar keeping steadier and US futures are also keeping rather flat at the moment ahead of European trading.
Overnight, the Fed did move to wind down its corporate bond holdings but the volumes are a drop in the ocean so it is more symbolic than it is significant in terms of impact.
So far, the market isn’t reacting too much but we’ll see how things go later when London and Wall Street enters the fray.
Looking ahead, there will be some data releases to move things along in Europe but nothing that will really shake things up.
0715 GMT – Spain May services, composite PMI
0745 GMT – Italy May services, composite PMI
0750 GMT – France May final services, composite PMI
0755 GMT – Germany May final services, composite PMI
0800 GMT – Eurozone May final services, composite PMI
The focus is on the final readings for France, Germany, and overall Eurozone, which should just reaffirm stronger economic sentiment and optimism from the initial reports.
0830 GMT – UK May final services, composite PMI
1130 GMT – US May Challenger job cuts, layoffs
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.