A couple of light releases awaiting the Fed
Major currencies are keeping quieter so far on the day with narrow ranges prevailing as we look towards European trading. EUR/USD is sitting just below 1.1600 within a 11 pips range with sellers keeping a more bearish near-term bias still.
Elsewhere, USD/JPY is a touch lower below 114.00 as the push and pull this week continues with the bond market seeing shorts covered ahead of the Fed.
US stocks shrugged off early losses yesterday to end higher but the mood music in the days ahead will largely depend on what the Fed has to say later today.
It's all about the FOMC meeting so don't expect much from Europe in terms of notable action. Even if we do see some positioning moves, it needs confirmation from the Fed.
0700 GMT - UK October Nationwide house prices
Prior release can be found here. UK house prices are estimated to have kept higher in October as housing market conditions hold up going into Q4, continuing the momentum from the start of the year - even as the stamp duty holiday expired.
0930 GMT - UK October final services, composite PMI
The preliminary report can be found here. The final readings should reaffirm a surprisingly robust services sector last month, as overall conditions kept up despite capacity constraints and rising cost pressures. That said, the outlook is still iffy and that could see activity ease going into the winter months.
1000 GMT - Eurozone September unemployment rate
Prior release can be found here. The jobless rate is estimated to have ticked lower slightly but there still needs to be time to get a better and more accurate read of the situation as furlough schemes are still in place across the region for now.
1100 GMT - US MBA mortgage applications w.e. 29 October
Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week.
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.
