Economic data coming up in the European session

Author: Justin Low | Category: News

A couple of releases to move things along before the US CPI report

Major currencies are keeping steadier for the most part, with the dollar seeing some back and forth action to kick start the new week yesterday.

EUR/USD fell to around 1.1770 before recovering to close back above 1.1800 and is now contesting its 100-hour moving average at around 1.1818 to start the day.

The aussie remains pressured though as RBA governor Lowe reiterated dovish remarks on policy outlook, saying that it is "difficult to understand" why market participants are pricing in anything for a rate hike in 2022 and 2023.

AUD/USD is down 0.2% to 0.7350 currently, near the lows for the day.

The S&P 500 and Dow managed to snap a run of losses from last week but the Nasdaq fell once again for a fourth straight day. Overall sentiment remains tepid and while US futures are calmer so far today, all eyes will be on the reaction to the US CPI report later.

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That will also perhaps help to set the tone for the dollar and bonds before the attention turns to the US retail sales report on Thursday.

Elsewhere, oil continues to look perky as WTI inches back to a test of the $71 level.

0600 GMT - UK August jobless claims change, claimant count rate
0600 GMT - UK July ILO unemployment rate, employment change
0600 GMT - UK July average weekly earnings
Prior release can be found here. The report should just reaffirm a continued recovery in UK labour market conditions, as employment picks up alongside the economy in general. Wages growth are expected to cool slightly in July but remain on the high side amid base effects, among other things.

0630 GMT - Switzerland August producer and import prices
Prior release can be found here. Another bump is expected in Swiss producer prices, fitting with the trend globally amid the rising and higher cost pressures.

0700 GMT - Spain August final CPI figures
The preliminary report can be found here. As this is the final report, it should just reaffirm the robust price pressures observed from the preliminary readings - in which annual consumer inflation came in at the highest since October 2012.

1000 GMT - US August NFIB small business optimism index
Prior release can be found here. This is an index which measures the opinion of small businesses on the economic conditions in the country.

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.

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