It is a long weekend in the US and Canada, so there might not be much firm direction in broader markets but we are already seeing the dollar take charge in the FX space. Coming up in Europe, energy prices will once again be a focus point after Russia decided to shut down the Nord Stream pipeline indefinitely. And in the UK, we will see either Rishi Sunak or Liz Truss be appointed as the next prime minister with the result expected at 1130 GMT.
Risk tones are looking more tepid but for the dollar, the technicals are doing the talking as EUR/USD is slipping to fresh 20-year lows below 0.9900 and GBP/USD is closing in on the March 2020 lows at 1.1410-45 at the moment.
Looking ahead, there will be some releases to move things along in Europe but nothing that will be too impactful on the day.
0700 GMT - Switzerland Q2 GDP figures
0715 GMT - Spain August services PMI
0745 GMT - Italy August services, composite PMI
0750 GMT - France August final services, composite PMI
0755 GMT - Germany final services, composite PMI
0800 GMT - Eurozone final services, composite PMI
0800 GMT - SNB total sight deposits w.e. 2 September
0830 GMT - Eurozone September Sentix investor confidence
0830 GMT - UK August final services, composite PMI
0900 GMT - Eurozone July retail sales data
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.
