Economic data coming up in the European session
2 min readIt is Fed day
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Treasury yields pushing higher and back above 1.60% was the key story in US trading yesterday, and that sent yen pairs higher in general with USD/JPY moving up to 108.80-90 levels currently ahead of European trading.
The dollar held steady throughout with EUR/USD still keeping below key trendline resistance @ 1.2113 while holding above its 100-day moving average @ 1.2056.
It seems to be a bit of a positioning adjustment ahead of the Fed, with the market anticipating Powell & co. to stick with the same old messaging as they did in March.
Equities were more tepid with the Nasdaq closing a little lower while the S&P 500 and Dow were flat. US futures are mixed with S&P 500 futures and Nasdaq futures up 0.1% while Dow futures are seen down slightly by 0.1%.
0600 GMT – Germany May GfK consumer confidence
0645 GMT – France April consumer confidence
0800 GMT – Switzerland April Credit Suisse economic expectations
1100 GMT – US MBA mortgage applications w.e. 23 April
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.