It is still all about risk ahead of the weekend
The market is still struggling to find a firm break in the risk direction as we look to close out the week and today that will remain the key focus ahead of the weekend.
US stocks pulled a rabbit out of the hat in the late stages yesterday but amid a record surge in coronavirus cases in the country, it remains unconvincing to say the least.
Not to mention we're still very much stuck within the same technical range over the past week or so, thus investors still need to figure out what is the next key move.
Looking ahead, there isn't much in Europe to distract from that so expect the main focus of the market to look towards the virus headlines from the US once again. Will today finally be the tipping point for risk or will we see good news - as unlikely as that may be?
0600 GMT - Germany May import price index
Prior release can be found here. A lagging and proxy indicator of inflation pressures in the German economy. A minor data point.
0645 GMT - France June consumer confidence
Prior release can be found here. Consumer confidence in France only took a minor hit amid the virus fallout, so to some extent that is good news. But we'll only be able to have a better gauge of conditions on the ground once hard economic data flows in.
0800 GMT - Eurozone May M3 money supply data
Prior release can be found here. Amid the record liquidity injection by the ECB, broad money is expected to continue to swell further and the flow through will be reflected in the report here later in the day.
Also, ECB president Christine Lagarde is due to speak soon at around 0700 GMT online at the Northern Light Summit. Eamonn had a heads up earlier here as well on that. So, just keep an eye out in case she mentions anything relevant.
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.
