Dollar bulls kept the faith in trading yesterday after a good set of US data releases, headlined by the retail sales report here. Odds of a 25 bps rate hike for next month moved up slightly but is now still just showing an 18% probability.
Some Fedspeak also helped to move the needle a little but for now, markets are still largely convinced that a pause is coming at least. Equities were slightly upset though but US futures are nudging a little higher again today. Meanwhile, major currencies aren't doing much so far with EUR/USD being a prime example - trapped in a 10 pips range. Snooze.
It might set up for a quieter one in Europe, with little in terms of economic releases. But we can expect more shoving in terms of price action as now the focus turns towards Fed chair Powell's speech on Friday instead.
0900 GMT - Eurozone April final CPI figures
1100 GMT - US MBA mortgage applications w.e. 12 May
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.
