It is PMI day in Europe

The risk mood is looking more optimistic to start the week as Biden and Putin are to meet, so long as Russia does not invade Ukraine. The development is taken as a positive, with perhaps the view that Russia won't be too hasty into taking any drastic military action for the time being.

That is keeping risk trades more upbeat to start the day with the dollar and yen among the laggards. EUR/USD is up 0.4% to 1.1365 while AUD/USD is up 0.6% to 0.7215 at the moment.

Meanwhile, stock futures Futures Futures or a futures contract represents a legal agreement to buy or sell a security or asset at a predetermined price at a specified time in the future. Of note, the parties are not known to each other.These transactions usually involve commodities or other securities involving the buying and selling for a forward or predetermined price.Futures also adhere to a delivery date, which specifies the date of delivery and payment. Relative to other forms of investing futures are much more complex, as Futures or a futures contract represents a legal agreement to buy or sell a security or asset at a predetermined price at a specified time in the future. Of note, the parties are not known to each other.These transactions usually involve commodities or other securities involving the buying and selling for a forward or predetermined price.Futures also adhere to a delivery date, which specifies the date of delivery and payment. Relative to other forms of investing futures are much more complex, as Read this Term are marked higher ahead of European morning trade and gold is down 0.4% to $1,890.

Just a reminder, it is a US holiday today so trading conditions might be a bit more muted though there is the potential for outsized reactions to any headlines amid thinner markets.

Looking ahead to Europe, we'll have the February PMI readings due on the agenda. They are likely to reaffirm some light improvement to January activity as the omicron impact eases.

0700 GMT - Germany January PPI figures
0815 GMT - France February flash manufacturing, services, composite PMI
0830 GMT - Germany February flash manufacturing, services, composite PMI
0900 GMT - Eurozone February flash manufacturing, services, composite PMI
0900 GMT - SNB total sight deposits w.e. 18 February
0930 GMT - UK February flash manufacturing, services, composite PMI

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.