The May final services PMI readings for the euro area are due today

The dollar once again is on the back foot alongside the yen, with the latter in particular seeing an extended fall in overnight trading as USD/JPY ran stops above 108.00 to even move above its key daily moving averages to settle close to 108.50.

The risk rally continues to march forward, with the market still taking the glass half-full approach as we start to see AUD/USD close in on 0.7000 and EUR/USD taking a peek above the 1.1200 level for the first time in two-and-a-half months.

US futures are also keeping mildly higher, with the risk mood in Asia also largely more positive after the steady and solid performance by Wall Street yesterday.

With risk being the key driver, headline risks remain key so just be mindful about that as we look towards the Bank of Canada meeting today, the ECB meeting tomorrow, and then the US non-farm payrolls report (however lagging of an indicator it is) on Friday.

0545 GMT - Switzerland Q1 GDP figures

Prior (Q4) report can be found here. Amid the virus outbreak and lockdown measures in the region, the Swiss economy is expected to contract in the first quarter with Q2 conditions set to be worse. Q1 data is negligible at this stage.

0715 GMT - Spain May services, composite PMI

0745 GMT - Italy May services, composite PMI

0750 GMT - France May final services, composite PMI

0755 GMT - Germany May final services, composite PMI

0800 GMT - Eurozone May final services, composite PMI

The focus is on the final readings for France, Germany and the overall Eurozone but they should not tell us anything new i.e. conditions are better than in April but are nowhere near normal as many businesses are learning to adjust to the current situation.

0755 GMT - Germany May unemployment change, rate

Prior release can be found here. The jobless change is expected to stay elevated but not as much as it was seen back in April, with the unemployment rate expected to creep a little higher still. The government's short-time work fix is arguably the main reason in keeping the numbers low, but these are still tough times for the labour market in general - everywhere.

0830 GMT - UK May final services, composite PMI

The preliminary release can be found here. The final readings here should just reaffirm that April saw the bottom of the decline in business activity but overall conditions remain highly subdued and will take a considerable period to recover.

0900 GMT - Eurozone April PPI figures

Prior release can be found here. A lagging and proxy indicator of inflation pressures, not a major release whatsoever.

0900 GMT - Eurozone April unemployment rate

Prior release can be found here. Unemployment is expected to creep higher but not by a startling amount, as government schemes are distorting the figures a little - not to mention that the ILO definition of an unemployed person is rather obscure in this instance.

1100 GMT - US MBA mortgage applications w.e. 29 May

Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. As seen by the latest figures, this isn't quite your typical downturn as the housing market has adjusted quickly from the virus fallout. With ultra low rates staying in place for a protracted period, this could start to build a bubble in this space.

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.