It is PMI day in Europe | Forexlive

The dollar is recovering slightly after a selloff on Friday, with broader market sentiment recovering after some dovish chatter surrounding the Fed crept in during US trading. Japan added another round of intervention on top of that to send USD/JPY down, with another one today as well, but it is seemingly futile with the pair now trading back to to 148.88 now. The low today touched 145.48, so go figure.

In any case, we are seeing markets keep the calm for the most part despite the dollar finding a steadier footing today. S&P 500 futures are up 18 points, or 0.5%, after a 2.4% rally in the cash market at the end of last week. Meanwhile, 10-year Treasury yields are down another 6 bps to 4.15% today after having hit as high as 4.33% on Friday.

The focus today will stay on USD/JPY in case the bulls continue to charge towards 150.00, where Japan authorities seem to be drawing a line in Asia trading. Meanwhile, broader market sentiment will also be a spot to pay attention to as we gear towards key central bank decisions in the coming two weeks.

The euro will also be a focal point as we are set to observe October PMI data later in the session ahead.

0715 GMT – France October flash manufacturing, services, composite PMI
0730 GMT – Germany October flash manufacturing, services, composite PMI
0800 GMT – Eurozone October flash manufacturing, services, composite PMI
0800 GMT – SNB total sight deposits w.e. 21 October
0830 GMT – UK October 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.