PMI data in focus in Europe

The big news overnight was the reappointment of Powell as Fed chair and the market reaction was quite notable as the dollar surged higher while bonds were offered.

It seems like the market is thinking that Powell's reappointment keeps the Fed on track for quicker rate hikes perhaps, with the focus being on rate differentials as the yen suffered the most amid the jump in Treasury yields in particular.

That move is continuing with USD/JPY trading above 115.00 going into European morning trade now while the dollar is keeping in a good spot technically across the board.

Expect the ebb and flow and the charts to dominate sentiment before we get to the "end of the week" tomorrow with the FOMC meeting minutes to be released.

Besides that, oil will be one to watch amid talks of a coordinated SPR release. Price is still pressured slightly but this is one that could end up as a 'sell the rumour, buy the fact' play given how we are scrounging near key technical levels.

0815 GMT - France November flash manufacturing, services, composite PMI

0830 GMT - Germany November flash manufacturing, services, composite PMI

0900 GMT - Eurozone November flash manufacturing, services, composite PMI

The readings today should reaffirm added sluggishness to the euro area economy, with supply bottlenecks and rising cost pressures set to weigh on business activity; not to mention the worsening virus situation in some parts of the region - not least Germany. That will keep the outlook more tepid as we look to round off the year.

0930 GMT - UK November flash manufacturing, services, composite PMI

Overall business activity in the UK is estimated to hold up but a slightly softer expansion is estimated amid worries involving supply and capacity constraints as well as rising cost pressures, which are likely to be passed on to consumers.

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.