UK inflation data to come into focus
Good day, everyone! Hope you're all doing well as we get things going in European trading later. We're in a new trading day but once again it's all about trade headlines dominating the wires but markets pretty much just don't care!
Asian equities are trading higher while US yields are at highest levels in more than 4 months. Major currencies are also shrugging off any potential backlash in the trade rhetoric with the aussie and kiwi surging after China premier Li's comments that they won't devalue the yuan.
We'll have some data points to move the session along but there isn't anything that will cause any significant changes to the market landscape if I'm being honest.
0545 GMT - SECO releases its latest Swiss economic forecasts
June forecasts can be found here. This release comes by every quarter but it isn't a market mover by any means. They're mainly an accompaniment to the SNB's set of forecasts which we will be getting tomorrow.
0800 GMT - Eurozone July current account balance data
Prior release can be found here. A minor data point, indicator of flows in/out of the Eurozone economy.
0800 GMT - BOE economist Andy Haldane speaks in Estonia
Haldane will be delivering a lecture on the Bank of Estonia's 100th anniversary. The focus for the pound remains on Brexit right now so monetary policy comments is taking a back seat as the BOE itself is pretty much frozen until there is more clarity surrounding Brexit. So any comments pertaining to monetary policy will have a low impact in the meantime as they're likely to cover Brexit scenarios as well.
0830 GMT - UK August CPI figures
0830 GMT - UK August PPI figures
Prior report can be found here. Much like the BOE, economic data is also taking a backseat when it comes to the pound as the focus is all on Brexit right now. Minor changes in inflation won't result in any lasting trends for the quid at this juncture. On a year-on-year basis, CPI is expected to slow on both the headline and core readings - to 2.4% and 1.8% respectively - but this isn't really a game changer for the pound. Expect minor reaction to any misses/beats but the underlying trading sentiment remains on Brexit headlines.
1100 GMT - US MBA mortgage applications w.e. 14 September
Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. Not the biggest of data points, but a general indicator of the housing sector sentiment.
Apart from that, we'll have ECB president Draghi lined up at 1300 GMT. He'll be delivering a keynote lecture at a work conference in Berlin. The conference is about "Making Europe's Economic Union". Not likely to touch on monetary policy there.
Lastly, we'll also have Theresa May meeting up with European leaders in Salzburg on Brexit talks. Once again, don't expect this to be a game changer to the Brexit rhetoric as this is an informal summit.
That's all for the session. I wish you all the best of days ahead and as always, good luck with your trading!
