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Economic data coming up in the European session

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A light one on the data front today

The dollar is holding firmer across the board as it recoups losses from yesterday, after having fallen on a softer ISM manufacturing report. That said, the details show that it is more about longer lead times (and higher prices) rather than subdued demand.

So, there’s that to consider when trying to piece things together moving forward.

EUR/USD is trading back under its 100-day moving average of 1.2051, seen at 1.2038 currently near the lows for the day. USD/JPY is keeping higher at 109.20-30 after having seen price rejected by the 61.8 retracement level of its April downswing @ 109.63.

Meanwhile, USD/CAD is holding back closer to 1.2300 while AUD/USD is slipping back under its key hourly moving averages of 0.7756-57 to 0.7740 at the moment.

US futures are pointing a little lower after a bit of a rotation play out of tech yesterday. S&P 500 futures are down 0.3%, Nasdaq futures down 0.4%, Dow futures down 0.1%.

Elsewhere, US Treasury yields are keeping more tepid after having retreated back under 1.60% in the overnight session.

Economic data releases will not offer much once again today as the technicals, risk flows, and bond market sentiment are still the key factors at play for now.

0830 GMT – UK April final manufacturing PMI

The preliminary report can be found here. The final reading should reaffirm the relatively solid jump in manufacturing conditions last month, as the UK starts to reopen its economy again with business expectations also climbing as a result.

0830 GMT – UK March mortgage approvals, credit data

Prior release can be found here. Credit conditions remain tepid in general and will take some time to reflect a UK economy that looks to return back to firing on all cylinders.

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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