UK and Eurozone inflation in focus today
The dollar remains in a vulnerable spot so far on the week, though risk trades slumping is at least providing some mild comfort for the greenback in that sense.
US futures are pointing lower once again today with S&P 500 futures down 0.5% after the drop yesterday. There’s certainly an air of nervousness surrounding equities and that could manifest into a more risk-off tone in the market later on.
Elsewhere, cryptocurrencies are back in the spotlight again today as Bitcoin dips under $40,000 for the first time since early February with Ethereum also sliding back under $3,000 after having surged from $2,200 to over $4,000 since late April.
UK and Eurozone inflation readings are up in Europe today but they shouldn’t offer too much of a change in narratives among central banks at the moment.
0600 GMT – UK April CPI figures
0600 GMT – UK April PPI figures
0900 GMT – Eurozone April final CPI figures
1100 GMT – US MBA mortgage applications w.e. 1 May
Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. Amid the sudden turn higher rates this year, recent mortgage activity has dipped with purchases falling sharply alongside refinancing activity so it’ll be one to watch out for.
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.