Euro area PMI data on the agenda today | Forexlive

The kiwi is the notable mover on the day after the RBNZ surprised with a more hawkish policy decision, raising the overnight cash rate by 50 bps instead of the 25 bps expected. NZD/USD is up 0.6% to 0.6350 but off earlier highs of 0.6379 upon the initial reaction to the decision.

Other major currencies aren’t hinting at much, keeping little changed mostly. This comes as the risk mood is more tentative, after having seen the early gains in equities falter in trading yesterday. US futures are currently little changed ahead of European trading. Instead, the focus is on the bond market as outlined here.

That will keep things interesting ahead of the US non-farm payrolls later this week. Looking ahead to today, there won’t be much significant data in Europe to shake things up so expect trading sentiment to stay on the same themes that we have stuck with to start the new week/month/quarter.

There are still some mixed flows with the dollar having softened yesterday, with EUR/USD looking towards its February high near 1.1000 and GBP/USD rising to clip 1.2500 for the first time since June last year. Meanwhile, gold has also breached the $2,000 mark with the March highs last year around $2,059-70 in focus.

0600 GMT – Germany February industrial orders
0715 GMT – Spain March services PMI
0745 GMT – Italy March services, composite PMI
0750 GMT – France March final services, composite PMI
0755 GMT – Germany March final services, composite PMI
0800 GMT – Eurozone March final services, composite PMI
0830 GMT – UK March final services, composite PMI
1100 GMT – US MBA mortgage applications w.e. 31 March

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.