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Economic data coming up in the European session

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A rather empty calendar day in Europe

It was somewhat of a turnaround Tuesday as stocks and yields rebounded, despite some mixed tones throughout the trading day yesterday. But at the end, the market settled with a calmer mood and things are looking more tepid so far on the day.

AUD/USD hovers at the day’s lows and is testing the 0.7300 level, which will be a focus point in European trading. AUD/NZD has also retreated from 1.0600 to 1.0577.

Elsewhere, US futures are flattish and so are Treasury yields, leaving other major currencies little to work with for the time being.

The market may have taken in a breath of relief yesterday but the wounds from Monday’s risk rout is still fresh so there are some cautious undertones.

1100 GMT – US MBA mortgage applications w.e. 12 July

Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. The drop in the long-term mortgage rate last week (amid the retreat in rates/yields) led to a surge in mortgage activity after the more subdued trend over the past few months. Given how yields are looking sluggish still, that could spur some added momentum in the housing market in the short-term perhaps.

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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