A light one on the data docket in Europe
Major currencies are little changed for the most part to start the day with the dollar keeping firmer overall as the momentum continues since Friday last week.
EUR/USD is hovering near the lows for the year, testing the 1.1704-11 region overnight and is holding just above that for the time being. Elsewhere, USD/JPY stays buoyed in an attempt to push above the 23 July high @ 110.59 as Treasury yields also creep higher.
US futures are looking more tentative so far today after another fairly decent session in the cash market yesterday, where continued rotation away from tech saw the Dow and S&P 500 close at record highs again.
10-year Treasury yields are slightly higher on the day, up 1.5 bps to 1.357%.
US CPI data will be the key risk event today and there won't be much in Europe to really distract from that. As such, it could be a quiet one again in the session ahead.
0600 GMT - Germany July final CPI figures
The preliminary report can be found here. The final figures should reaffirm a strong uptick in German inflation pressures relative to a year ago, owing to base effects considering the VAT cut that was observed in 2H 2020.
1100 GMT - US MBA mortgage applications w.e. 6 August
Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week.
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.
