December 4, 2022

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Economic data coming up in the European session

2 min read

A couple of light releases as the countdown to the FOMC continues

Another day, another record close for US equities. Dip buyers continue to strut their stuff despite a supposedly more cautious start to the new week but the market seems to be settling in a steadier mood going into the Fed meeting tomorrow.

The dollar was weaker yesterday though, losing some ground across the board. But major currencies are keeping in a narrower range for now, trading little changed as we look to get into European morning trade today.

Bitcoin remains a key mover after tumbling from $40,000 to back under $37,000 currently as reports on Amazon’s foray, or should I say not so much, weigh.

The Fed meeting tomorrow is the key risk event to look out for but be wary of month-end flows (Morgan Stanley argues USD may be favoured against all majors except NZD and CHF), as well as key earnings releases (Apple, Microsoft, Alphabet later today).

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0800 GMT – Eurozone June M3 money supply

Prior release can be found here. Broad money growth in the euro area continues to keep up as the ECB is still ensuring a healthy amount of liquidity in the system for now.

1000 GMT – UK July CBI retailing, total 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.

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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