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Economic data coming up in the European session

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UK labour market report on the agenda today

The week kicked off with delta variant concerns and that is continuing today as NZ records its first community case since February in Auckland.

That has kicked off a fresh bout of weakness in the kiwi, with the aussie dragged lower as well after the RBA minutes suggested a possible delay to the taper timeline.

The former is trading down 1% against the dollar with sellers eyeing the 0.6900 level and the July low at 0.6881. Meanwhile, the latter has seen AUD/JPY tumble to test key support at 79.84 – a break below which brings in levels seen in January to early February.

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Elsewhere, the pound is also a touch softer on the day as cable continues to see more of a push and pull. The 200-hour moving average capped the upside move yesterday as sellers now regain near-term control and look towards testing 1.3800.

Looking at risk sentiment overall, things are leaning towards the softer side again with US futures marked lower. That said, as seen yesterday, the dip buying can be relentless with the S&P 500 and Dow carving out record highs.

Today’s US retail sales data will be a key barometer for how things play out on the day (and perhaps on the week) and if the market will address those concerns more seriously.

0600 GMT – UK July jobless claims change, claimant count rate

0600 GMT – UK June ILO unemployment rate, employment change

0600 GMT – UK June average weekly earnings

The prior report can be found here. UK labour market conditions have been showing some improvement in recent months but July and August will be challenge amid self-isolation restrictions, so it will be interesting to see how all of that has affected the latest progress. That also means that the data may be muddied and we’ll only get a better sense of underlying labour market conditions again later on in Q3 and Q4.

0900 GMT – Eurozone June construction output data

Prior release can be found here. A lagging indicator of activity but one that should continue to reaffirm a gradual pickup over time as the recovery continues.

0900 GMT – Eurozone Q2 GDP second estimate

The preliminary release can be found here. As this is the second estimate, it shouldn’t tell us much of anything new as seen with the first release. In any case, the outlook is what matters more for the market so historical data such as this holds little significance.

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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