February 3, 2023

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Economic data coming up in the European session

2 min read

A rather empty calendar day in Europe


The dollar is holding its ground so far to start the new week, though commodity currencies were solid performers in trading yesterday.

As we look towards Europe, the dollar is keeping slightly bid across the board with notably the Bloomberg dollar index* defending its key trendline support for the year. Likewise, EUR/USD is also staying below key trendline resistance @ 1.2116 today.

USD/CAD is at least continuing its trip lower as it threatens a firmer break below 1.2400 while AUD/USD is testing 0.7800 but the latter is seeing a bit of a pullback today.

US equities had a decent but mixed session overall with the S&P 500 and Nasdaq closing at fresh record highs while the Dow slumped a little. Futures are keeping a touch higher but mostly little changed for the time being.

It may be a bit more of a quiet one in Europe but there’s still plenty to navigate through in the days ahead so strap yourselves in for a more bumpy ride later in the week.

1000 GMT – UK April CBI retailing, distributive reported sales

Prior release can be found here. The readings here are an indicator of short-term trends in the retail and wholesale sector of the UK economy. A minor data point.

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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