Risk remains the key focus alongside month-end and quarter-end flows
The market is keeping calmer to start the day, following a solid performance in the equities space during overnight trading. Both the S&P 500 and Nasdaq posted over 1% gains while the Dow climbed by over 2%, helped by the surge in Boeing shares.
The dollar was also largely more steady and we're seeing more of the same tones again today, with the overall mood staying more calm and quiet for now.
There won't be much to distract from the focus on risk, with month-end and quarter-end flows set to dominate. ING notes that flows should be dollar supportive this time around but just be mindful that things have the potential to get a bit wild on days like these.
0600 GMT - UK Q1 final GDP report
The preliminary release can be found here. As these are final figures, it should not have much impact considering we already know that Q1 is a drag due to the virus impact in March and Q2 conditions look set to be worse.
0630 GMT - Switzerland May retail sales data
Prior release can be found here. Retail sales activity may improve slightly amid the easing of lockdown measures but relative to a year ago, overall conditions should stay more highly subdued - similar to everywhere else.
0645 GMT - France June preliminary CPI figures
Prior release can be found here. Inflation pressures may show a modest rebound, similar to the Spanish and German readings yesterday. However, we'll have to see the trend in the coming months to ascertain how things will develop moving forward.
0700 GMT - Spain Q1 final GDP report
The preliminary release can be found here. As these are final figures, they should have little impact; more so that this relates to Q1 conditions - which seem like a long time ago.
0700 GMT - Switzerland June KOF leading indicator index
Prior release can be found here. The data here measures the future trends of overall economic activity in the Swiss economy. A minor data point.
0900 GMT - Eurozone June preliminary CPI figures
Prior release can be found here. Annual inflation may show a modest rebound this month but core inflation remains the key spot to watch, and that is unlikely to go anywhere still. That should keep ECB policymakers adamant on pursuing more accommodative policy during this time and for the foreseeable future too.
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.