December 6, 2022

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Economic data for the European session

1 min read

Another quiet economic data day

Some of last week’s USD strength has mitigated. However, that is only to be expected as a pullback.  The real question is will the USD keep appreciating from here? Or will the bearish USD picture re-emerge. USD shorts were overcooked , so some of this is a short squeeze forcing the weaker leveraged hands to run.  I suppose once the shock of a hawkish plot shift from the Fed has faded the question will be, how many hikes by when?’. 

For now I am keeping with the short term ebb and flows with the USD as the medium term picture is too foggy for my mind. JPY crosses saw a decent bid yesterday and GBPJPY into the BoE meeting on Thursday looks good. 

 

0630 BST Japan Nationwide Dept Sales

0700 BST Japan Machine Tool Orders

0700 BST UK Public Finance & Public Sector Borrowing 

Debt to GDP levels will remain high for the UK due to COVID-19 induced borrowing. 

1100 BST  UK CBI Trends total orders

The CBI readings are a survey on manufacturers to rate the level of volume for orders expected during the next 3 months.

ECB’s Rehn speaking in Finnish Parliament hearing at 1015 BST
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