Final manufacturing PMI releases on the agenda today
The push and pull in the market continues as bond yields are sitting lower today and that is pinning yen pairs lower in general, with USD/JPY down from around 114.00 to 113.65 as we look towards European morning trade.
US futures are sitting lower by around 0.2% after the cash market squeezed out record gains in trading overnight, with the market looking more cautious ahead of the Fed.
It's all about central banks this week and the RBA offered a subtle shift in its forward guidance, paving the way for rate hikes but still pledging patience before pulling the trigger.
The big one of course is the FOMC meeting tomorrow so expect traders and investors to step with trepidation in anticipation of that in the meantime.
0730 GMT - Switzerland October CPI figures
Prior release can be found here. Swiss inflation is expected to creep higher but relative to elsewhere around the world, price pressures are still relatively subdued so that shouldn't be much of a worry to the SNB.
0815 GMT - Spain October manufacturing PMI
0845 GMT - Italy October manufacturing PMI
0850 GMT - France October final manufacturing PMI
0855 GMT - Germany October final manufacturing PMI
0900 GMT - Eurozone October final manufacturing PMI
The focus will be on the final readings for France, Germany, and overall Eurozone but they should just reaffirm that supply and capacity constraints are weighing heavily on manufacturing output while rising cost pressures will only add to the more pessimistic outlook in the months ahead. The headline readings may be flattered by longer supplier-delivery times but the more subdued output is going to be the takeaway here.
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.
