German Ifo business survey the highlight of the agenda in Europe today | Forexlive
The dollar cooled off alongside bond yields yesterday and that’s setting for a mixed mood towards the end of the week. Tech shares led gains in Wall Street but stock futures are looking more muted in the new day. As a whole this week though, equities are still down with a watchful eye on bond market developments.
In FX, we are seeing light changes on the day thus far. EUR/USD not even breaking a 8 pips range underscores the lack of appetite ahead of European trading. The antipodeans are slightly lower and that is bringing some attention to the charts at least. AUD/USD is taking a peek below its 200-day moving average of 0.6628, so that’s one to watch out for.
Looking to the session ahead, there won’t be much on the agenda to shake things up. The German Ifo business survey is the main highlight but it should just reaffirm more sluggish conditions in the economy to start Q4. As much as the outlook reading might show an improvement, it hasn’t been followed up by hard data over the last four to five months. So, take any beats there with a pinch of salt.
This just means we might be in for a quieter one with some light extensions to the daily ranges. As yields cool, the dollar is also taking a breather but we’ll see if there is appetite to chase anything again but only later in US trading.
0645 GMT – France October consumer confidence
0800 GMT – Eurozone September M3 money supply
0800 GMT – Germany October Ifo business climate index
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.