UK labour market report and German ZEW data to move things along
Good day, everyone! Hope you're all doing well as we look to get things going in the session ahead. It's been a calmer start to the day with risk trades faring slightly better after a poor performance yesterday amid worries in Argentina and HK among other things.
Looking ahead, we'll have a couple of releases to move things along but it'll largely be about the risk mood still as markets keep their attention to the US-China trade rhetoric (amid a weakening Chinese yuan) ahead of the release of US CPI data today.
0600 GMT - Germany July final CPI figures
Preliminary figures can be found here. As this is the final release, it isn't expected to produce much reaction - if at all - unless the figures deviate substantially from initial estimates.
0600 GMT - Germany July wholesale price index
Prior release can be found here. The index measures the value of sales made by wholesalers in Germany, it provides an indicator of consumption and retail pattern. A minor data point.
0700 GMT - Spain July final CPI figures
Preliminary figures can be found here. Much like the German release above, the final release here matters little as it will just reaffirm sluggish inflationary pressures in the region.
0830 GMT - UK June average weekly earnings data
0830 GMT - UK June ILO unemployment rate
0830 GMT - UK July jobless claims change
Prior report can be found here. With the pound somewhat steadier to start the new week, better data could provide added relief for the currency though it is tough to see how more solid labour market conditions will change anything. The UK economy is possibly sitting in a technical recession already and Brexit uncertainty continues to linger, so any reprieve from key data this week will likely be minimal and short-lived.
0900 GMT - Germany August ZEW survey current situation, expectations
Prior release can be found here. A general sentiment indicator of economic conditions in the German economy, which has been continuing to fall rapidly. Not a major release by any means but will feed into sentiment ahead of the Q2 GDP report tomorrow.
1000 GMT - US July NFIB small business optimism index
Prior release can be found here. This is an index which measures the opinion of small businesses on the economic conditions in the country. 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!
