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Monday, June 21, 2021

Economic data coming up in the European session

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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

The preliminary report can be found here. With the UK reopening taking shape, the final report should just reaffirm the optimism and solid readings from the initial estimates.

1130 GMT – US May Challenger job cuts, layoffs

Prior release can be found here. A reminder that it is NFP week in the market. The data provides information on the number of announced corporate layoffs by industry and region and acts as a general labour market indicator.

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.

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