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Monday, June 21, 2021

Economic data coming up in the European session

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A couple of light data releases to kick start the new week

Monday

Major currencies are little changed after Friday’s payrolls failed to deliver on expectations, seeing yields and the dollar surrender some ground but nothing overly significant.

Equities responded more favourably as the jobs report as a whole had a more Goldilocks tune to it, with the Nasdaq climbing over 1%. US futures are keeping more tepid today but it is still early and we’ll see how sentiment evolves later in Europe.

In the big picture, the jobs report (mind you, still one that is distorted by the pandemic) isn’t a real game changer and Fed’s Mester reminded of that here at the end of last week just before the Fed entered the FOMC blackout period over the next two weeks.

As such, it doesn’t give market participants with much to work with as the dollar remains on edge but is holding its ground for the time being as technicals keep up.

The next two weeks will be a long and painful countdown to the FOMC meeting but I reckon one can expect plenty of market anxiety to creep in but on the balance of things, equities should stay supported with the charts dictating dollar sentiment.

0545 GMT – Switzerland May unemployment rate

Prior release can be found here. Much like everywhere else, it is tough to read into Swiss labour market conditions considering the furlough program so it will take many more months in the year ahead to decipher the data more accurately.

0600 GMT – Germany April factory orders

Prior release can be found here. Industrial orders should pick up a little on the month, reaffirming more modest demand as the manufacturing sector holds up in the German economy – showing much resilience over the past few months.

0630 GMT – Switzerland May CPI figures

Prior release can be found here. Swiss inflation is expected to tick a little higher, owing to base effects in part. However, it isn’t going to be near levels which would even considerably worry the SNB or pressure them to take action.

0700 GMT – Switzerland May foreign currency reserves

Prior release can be found here. An alternative proxy to the weekly sight deposits data to SNB intervention in trying to limit franc strength.

0730 GMT – UK May Halifax house prices data

Prior release can be found here. The UK housing market is anticipated to keep more robust with house prices to show another monthly increase as demand conditions stay perky in light of the stamp duty holiday still being in effect.

0800 GMT – SNB total sight deposits w.e. 4 June

Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.

0830 GMT – Eurozone June Sentix investor confidence

Prior release can be found here. With vaccinations picking up and the economy showing some resilience in the meantime along easing of virus restrictions, economic sentiment is likely to pick up further and that should be reflected in this latest survey.

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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