UK labour market data and German ZEW survey on the agenda today
Good day, everyone! Hope you're all doing well as we look to get things going in the session ahead. It's been a softer start for risk to the new day after Apple issued a revenue guidance warning for Q1 2020 amid the coronavirus impact.
Apple is largely seen as a bellwether for the tech industry and also for many different businesses across the globe, so bad news with them tends to reverberate all around.
As such, some defensive risk flows are prevailing as we see the yen keep higher amid lower Treasury yields while the aussie and kiwi are weaker on the day so far.
Looking ahead, there will be a couple of notable releases in the European morning but risk should be the main factor in the market today ahead of the return of Wall Street following the long weekend break.
0930 GMT - UK December average weekly earnings
0930 GMT - UK December ILO unemployment rate
0930 GMT - UK January jobless claims change, claimant count rate
Prior release can be found here. The wages data here can be viewed as a proxy to inflation pressures so any further weakness in wage growth may give reason for the pound to nudge a little lower ahead of the more prominent inflation report tomorrow.
1000 GMT - Germany February ZEW survey current conditions, expectations
Prior release can be found here. Economic sentiment towards Germany and the euro area has improved recently but is expected to ease a little amid coronavirus fears at the moment. Barring any major hiccups, the reaction to the data should be rather minimal.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!
