All eyes will be on the US non-farm payrolls report later today
US stocks were mixed in trading yesterday but tech led the charge as we saw the Nasdaq close nearly 1% higher at record highs once again. Coronavirus developments were less than ideal but that failed to curb enthusiasm among investors.
The dollar was weaker for the most part and we even saw cable run above its 100-day moving average and back towards 1.2500.
Major currencies are more settled today as the focus turns towards the US jobs report before another barrage of coronavirus headlines to follow.
Looking ahead, there is little in the European data docket to distract from that.
0630 GMT - Switzerland June CPI figures
Prior release can be found here. Inflation pressures are expected to stay more subdued and keep well within deflation territory in Switzerland. That will only increase the conviction by the SNB to keep limiting franc gains so long as the trend keeps this way.
0900 GMT - Eurozone May PPI figures
Prior release can be found here. Producer prices have also fallen significantly amid the fallout from the virus outbreak and is expected to keep at deflation territory, which isn't a good sign of inflationary pressures within the region. A minor data point.
0900 GMT - Eurozone May unemployment rate
Prior release can be found here. The unemployment rate is only expected to tick a tad higher but is not an accurate indication considering all the furlough and temporary job programs put in place to prevent joblessness in the region. Also, the strict ILO definition of unemployment isn't quite helping to capture the full extent of the rise surely.
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.
