It is another PMI round-up in Europe today


Happy Monday, everyone! Hope you all had a great weekend and that you're ready to get things going in the week ahead. US-Iran-Iraq tensions continue to be the main theme in markets and as a result, we're seeing a more risk averse tone to kick start the week.

Gold is the standout performer as price triggered stops on the way up after taking out the 2019 highs while oil is also keeping up with gains as Brent rises above $70.

In the currencies space, overall movement still leaves a lot to be desired as USD/JPY threatens a firm break below 108 while major movement still lacking for the time being.

Looking ahead today, there aren't any major releases in the European morning to detract from the theme. As such, expect markets to keep more cautious amid developments in the Middle East with tensions still running high at the moment.

0700 GMT - Germany November retail sales data

Prior release can be found here. An indication of consumption activity in the German economy, which is expected to pick up a little ahead of Christmas. Further disappointment will just add to more of a setback towards the German economic outlook.

0815 GMT - Spain December services, composite PMI

0845 GMT - Italy December services, composite PMI

0850 GMT - France December final services, composite PMI

0855 GMT - Germany December final services, composite PMI

0900 GMT - Eurozone December final services, composite PMI

Focus will be on the final prints for France, Germany and the overall Eurozone readings. They should just reaffirm that the services sector is still holding up decently but continues to remain vulnerable to the manufacturing slowdown that we're still seeing.

0900 GMT - SNB total sight deposits w.e. 3 January

Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.

0930 GMT - UK December final services, composite PMI

The preliminary report can be found here. As this is the final reading, it should just reaffirm the more sluggish UK economic conditions in Q4 - which is likely to see the economy suffer a slight contraction as a result of Brexit and political uncertainty at the time.

0930 GMT - Eurozone January Sentix investor confidence survey reading

Prior release can be found here. A general indication of investor sentiment towards the euro area economy, which has been seeing a noticeable uptick in light of better circumstances surrounding US-China trade and Brexit. We'll have to see how this translates to actual hard economic data in due time though. A minor data point.

1000 GMT - Eurozone November PPI figures

A proxy and lagging indication of inflation pressures in the euro area economy. A minor data point as we already have a more updated look at consumer inflation data.

That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!