UK jobs data on the agenda today
The dollar is mildly weaker to start the session but most major currencies are keeping in narrower ranges so far today. Commodity currencies are flexing gains a little though, with the aussie and kiwi leading the charge.
The market is keeping more cheerful after some mixed tones early yesterday, before US stocks turned things around to close higher - Nasdaq missed out, but closed the day off the lows at least. Meanwhile, 10-year Treasury yields are now up to 0.58%.
Despite the gains, AUD/USD is keeping under its 100-hour moving average @ 0.7188 for now while USD/CAD is also testing its own 100-hour moving average @ 1.3323. The near-term chart remains a key focus for the time being as the market sorts its feet.
Looking ahead, there will be little on the agenda in Europe to shake things up so let's see how the market continues to digest Trump's executive order on unemployment benefits.
0600 GMT - UK July jobless claims change
0600 GMT - UK July claimant count rate
0600 GMT - UK June average weekly earnings
0600 GMT - UK June ILO unemployment rate
Prior report can be found here. It is tough to read much into the details of the jobs report considering that the furlough program is masking a lot of the underlying weakness in the economy for the time being. But wages sinking into negative growth territory isn't an encouraging takeaway for the BOE, though we'll have to see how the situation really is come late Q3 and Q4 once there is more clarity.
0900 GMT - Germany August ZEW survey current situation, expectations
Prior release can be found here. The estimate is for economic sentiment to rebound further in August but keep relatively subdued still. The expectations component will be an interesting point to keep an eye on, as a further drop may be a sign of waning optimism towards a quick recovery in the German and Eurozone economies.
1000 GMT - US July NFIB small business optimism index
Prior release can be found here. An indication of small business sentiment across the US and is a gauge of economic conditions on the ground in general.
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!
