December 7, 2022

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Economic data coming up in the European session

2 min read

Germany ZEW survey on the agenda today

USD

The dollar held slightly weaker in trading yesterday, keeping in a bit of a rut after the non-farm payrolls release on Friday. But from a technical perspective, not a lot has changed since last week among major currencies for the time being.

EUR/USD keeps just below 1.2200 for now but key resistance is still seen closer to 1.2243-66 as we look towards the ECB meeting and US CPI data later in the week.

GBP/USD holds below 1.4200 still as sellers continue to keep some defense of the figure level and USD/CAD isn’t really seeing enough appetite to break below 1.2000.

Adding to that is the continued gyration in AUD/USD in between 0.7700 and 0.7800, or 0.7750 to be more specific, so that also isn’t leaving a lot to work with.

Equities saw some mixed tones yesterday with US futures keeping more tepid and little changed for now as well. The market seems to be waiting on something to nudge it along but there’s still no right catalyst for the moment at least.

0600 GMT – Germany April industrial production data

Prior release can be found here. Industrial output is estimated to improve slightly to start Q2 but after the miss on factory orders yesterday, it is tough to gauge the hard data in detail. That said, the focus remains more on the summer outlook for now.

0645 GMT – France April trade balance data

Prior release can be found here. Trade conditions are still gradually working their way back towards pre-pandemic levels so it will take time.

0900 GMT – Germany June ZEW survey current situation, expectations

Prior release can be found here. The current situation index should reaffirm some improvement in economic conditions but the focus remains on the outlook reading and that should continue to reaffirm much optimism towards 2H 2021.

0900 GMT – Eurozone Q1 final GDP figures

The second estimate can be found here. The final release shouldn’t tell us anything we don’t already know from the prior two estimates.

1000 GMT – US May NFIB small business optimism index

Prior release can be found here. This is an index which measures the opinion of small businesses on the economic conditions in the country. 




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