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Wednesday, June 23, 2021

Economic data coming up in the European session

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Counting down to the US non-farm payrolls

The dollar gained strongly yesterday on the back of stronger US data as the market looks to be building high expectations ahead of the non-farm payrolls report later.

There are good arguments for both sides of the coin but I’ll dive more into that later in the day. For now, the dollar sits in a pretty decent spot but is it setting itself up for disappointment when this is all said and done? Only time will tell.

Treasury yields also nudged a little higher yesterday but are keeping flatter today with US futures looking more tepid on the day as well.

It is all about the countdown to the US jobs report later so don’t expect much fireworks in Europe, though we could see some positioning plays creep in.

0730 GMT – Germany May construction PMI

Prior release can be found here. There should be some pickup in German construction activity as the broader economy also improves but supply disruptions will continue to pose a problem, leading to high input cost inflation.

0830 GMT – UK May construction PMI

Prior release can be found here. The UK construction sector should stick with the recovery process but high input cost inflation will still stand out in the report, after having risen to its highest level in April.

0900 GMT – Eurozone April retail sales data

Euro area retail sales is expected to slump a little in April after the Easter sales bumped things up in March. The outlook should improve towards the latter stages of Q2 as the virus situation is getting better across the region though.

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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