The start of the week is seeing more of a push and pull mood, though the dollar is a little softer at the balance. Market players are looking for something to work with but don't really have too much until we get to some US economic data tomorrow and on Friday, before the focus turns towards the non-farm payrolls next week.
In the meantime, traders will be left to their own devices today once again. EUR/USD nudged back up above 1.1800 in overnight trading but is facing up against large option expiries at the figure level today. The same is for GBP/USD in its push above 1.3500 this week. But so far today, the aussie is the one posting modest moves after the stronger Australia monthly CPI data earlier here. AUD/USD is up 0.3% to 0.6618 currently. Last week, traders were pricing in ~82% of no change to the cash rate at the RBA's next meeting but that is now up to ~92%.
As for equities, we saw tech shares led the retreat in Wall Street yesterday after having posted fresh record closes on Monday. There's some give and take still, with investors needing to eye what the Fed might do next. The current expectation is for the Fed to cut again in October and as mentioned before, the onus is on US data to prove markets wrong in that sense.
Looking to the day ahead, there won't be much to shake things up on the economic calendar. In Europe, we only have the German Ifo business climate survey for September. And that won't warrant much attention, if at all. That as economic conditions have continued to reaffirm the ECB's policy stance since the summer.
And even with regards to Fedspeak, the agenda today is the thinnest of them all before things pick up again tomorrow. You can check out the full list of speakers here.
As such, we could continue to see markets mostly meandering before finding the next catalyst to work with this week.
This article was written by Justin Low at investinglive.com.Hence then, the article about not a whole lot on the agenda in european trading today was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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