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Economic data coming up in the European session

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A couple of releases to move things along on the session

MessiThe end of an era..

The session ahead will pretty much be a placeholder as we count down to the US non-farm payrolls release later in the day at 1230 GMT.

The dollar is keeping steadier after a mixed session yesterday, which saw a modest rise in the likes of the loonie and aussie, and the yen being the laggard.

A strong labour market report today will validate the notion of “substantial further progress” and perhaps spur a more intense debate on Fed tapering in the weeks ahead.

That should provide a further lift to yields and the dollar, all things being equal.

Elsewhere, equities are still unperturbed as the S&P 500 and Nasdaq hit all-time highs once again in the overnight session. US futures are looking flat today awaiting the non-farm payrolls release to provide the next catalyst for a move.

0600 GMT – Germany June industrial production data

Prior release can be found here. German industrial output is estimated to bounce back a little after the May drop, reaffirming more solid sentiment in the manufacturing sector in Q2 despite growing supply chain disruptions.

0600 GMT – UK July Halifax house prices data

Prior release can be found here. UK house prices showed signs of moderation in June as the stamp duty holiday expires and while overall conditions should stay robust in 2H 2021, the trend is likely to show the housing market lose steam in the months ahead.

0645 GMT – France June trade balance data

Prior release can be found here. Trade conditions are gradually working their way back towards pre-pandemic levels and the data here will continue to reflect that as a trend.

0700 GMT – Switzerland July foreign currency reserves

Prior release can be found here. An indication of currency intervention by the SNB, though the weekly sight deposits data arguably provides a better proxy in my view.

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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