Technical Analysis

PMI data to fill the gap in Europe

The dollar is on the backfoot as we look towards European trading but all the focus and attention will be on the US jobs report later, to determine the mood before the weekend. The greenback has enjoyed a solid post-Fed run alongside higher bond yields, while equities have struggled. For now, that is put on hold before we get to the main event later today.

The non-farm payrolls data will be a key release in backing the Fed’s hawkishness, so that could see some volatile moves later on. That said, none will be bigger than next week’s CPI data so essentially it is a case of the Fed having talked the talk, but can the data walk the walk?

As for European trading today, there will be PMI data to keep traders occupied but nothing substantial that will be too market moving.

0700 GMT – Germany September industrial orders
0815 GMT – Spain October services PMI
0845 GMT – Italy October services, composite PMI
0850 GMT – France October final services, composite PMI
0855 GMT – Germany October final services, composite PMI
0900 GMT – Eurozone October final services, composite PMI
0930 GMT – UK October construction PMI
1000 GMT – Eurozone September PPI figures

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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