A couple of light releases to move things along in Europe


Major currencies are keeping little changed after some pushing and pulling yesterday, with the dollar ultimately settling higher although the yen was the strongest performer as the bond market continues to paint a different picture for now.

That is going to keep things interesting as we count down to the Fed minutes later to perhaps provide the spark for the next move in the market in general.

Equities saw a bit of a mixed picture yesterday and more of the same is seen so far today with S&P 500 futures down 0.1% while Nasdaq futures are up 0.1%, though little changed for the most part ahead of European trading.

0600 GMT - Germany May industrial production data

Prior release can be found here. German factory output is estimated to improve slightly in May but after misses to industrial orders in both April and May, there might be some downside potential here as well (following the miss in April too). But as long as the 2H 2021 outlook remains, any disappointment here is likely to still be brushed aside.

0600 GMT - UK June Halifax house prices

Prior release can be found here. The final month of the stamp duty holiday should see housing market conditions keep more robust and with the reopening still underway, the trend may still stay the course albeit at a less robust pace perhaps.

0645 GMT - France May trade balance data

Prior release can be found here. General indication of trade conditions in the French economy, which are still gradually moving back to pre-pandemic levels.

0700 GMT - Switzerland June foreign currency reserves

Prior release can be found here. A proxy read for SNB intervention, which shouldn't stand out all too much as of late.

1100 GMT - US MBA mortgage applications w.e. 2 July

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.

The European Commission will also release its latest quarterly economic forecasts at around 0900 GMT and some upbeat projections are expected there.

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.