That means we are likely in for a dull session in European morning trade, as per usual. Major currencies are little changed thus far on the day, not doing too much yesterday as well. The euro got a slight bump higher after the ECB decision, in which the reports after pretty much ruling out a back-to-back move in July.

Besides that, broader markets remain on edge as we await the main event later today.


After nearly a week of waiting on this, expect the market reaction to be a notable one in the aftermath.

As much as a softer number might lead to stronger odds of a sooner Fed rate cut, do be reminded that stagflation risks are creeping into the picture.

Here's a bunch of previews ahead of the key release: