A couple of light releases to move things along
It looks like we're starting to settle into the typical lull ahead of tomorrow's US non-farm payrolls release, so things may be quieter in Europe today.
Major currencies are seeing little change, stuck in narrow ranges after the dollar was weighed down by softer ADP employment data overnight.
While the ADP has been a terrible predictor of NFP almost all throughout the pandemic, it is still something the market is forced to listen to. Goldman Sachs weighs in:
"While we expect a separate boost to Friday's employment numbers from the reopening of public schools (not captured in today's ADP data), today's ADP report suggests potential downside risk to our August nonfarm payroll forecast of +600k."
With risk sentiment also showing little appetite, it looks like European trading should observe a quiet and uneventful trading period today. There isn't much on the data front to really shake things up.
0630 GMT - Switzerland August CPI figures
Prior release can be found here. Swiss annual inflation is expected to keep more subdued, hovering around levels seen in July despite rising cost pressures globally. That will keep the SNB's policy stance in place and they're probably happy with that.
0700 GMT - Switzerland Q2 GDP figures
Prior release can be found here. The Swiss economy should see a modest rebound in Q2 as virus restrictions are eased, a similar trend across Europe.
0900 GMT - Eurozone July PPI figures
Prior release can be found here. Another month, another increase in producer prices is anticipated so that bolsters the narrative of rising cost pressures and inflation.
1130 GMT - US August Challenger layoffs, job cuts
The data provides information on the number of announced corporate layoffs by industry and region and acts as a general labour market indicator.
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.