Economic data coming up in the European session
Euro area final PMI figures for April on the agenda today
The dollar was comfortably higher in trading yesterday, which saw some twists and turns with equities wobbling and US Treasury secretary Yellen weighing in on rates.
On the latter, it is a bit peculiar to see Yellen step on the toes of the Fed (does she really miss her old job that much?) but she did attempt to walk that back later in the day.
Tech was the biggest loser amid another rotation into value stocks with the Nasdaq closing down nearly 2% while the Dow had a late surge to close mildly higher by 0.1%.
The greenback is giving back some of its advance from yesterday but not much, with the kiwi bolstered by a strong NZ labour market report earlier in the day.
US futures are also keeping steadier as we look towards European trading as technicals, risk flows and bond yields remain the key factors to watch as the market continues to work around the inflation and stronger US economic recovery narratives.
0630 GMT - Switzerland April CPI figures
Prior release can be found here. Expectation is for Swiss inflation to jump a little higher, largely helped out by base effect adjustments. As such, it won't get the SNB into even considering a tweak in its current policy stance.
0715 GMT - Spain April services, composite PMI
0745 GMT - Italy April services, composite PMI
0750 GMT - France April final services, composite PMI
0755 GMT - Germany April final services, composite PMI
0800 GMT - Eurozone April final services, composite PMI
The focus will be one the final readings from France, Germany, and overall Eurozone, which were solid in the preliminary estimates. As such, the reports today should just reaffirm the resilience of the euro area economy to start Q2 with hopes of a stronger rebound to follow later in the second half of the year.
0900 GMT - Eurozone March PPI figures
Prior release can be found here. Amid supply constraints and higher input costs, producer prices are expected to continue to climb higher in the months ahead. That should in turn also bolster consumer inflation down the road as well.
1100 GMT - US MBA mortgage applications w.e. 30 April
Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. Amid the sudden turn higher rates this year, recent mortgage activity has dipped with purchases falling sharply alongside refinancing activity so it'll be one to watch out for.
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.