There continues to be a lack of appetite for the most part in the major currencies space, with the dollar holding mostly steadier through the week in anticipation of the Fed today.
EUR/USD continues to linger near 1.0500 and USD/JPY is also looking to try and keep above 130.00 for now. The ranges for the day are relatively narrow, so European trading may be a bit more of a quiet and sleepy one honestly.
US stocks managed to see a bounce for a second day running but the overall mood remains rather tentative after the heavy selling last Friday. Institutional players were notably buying the dip though, so that is at least something interesting to observe as we get stuck into the Fed this week.
Elsewhere, the bond market is also holding for now with yields staying elevated but not really breaking new ground. 10-year Treasury yields continue to flirt with the 3% mark, awaiting a firm signal from the Fed to go running.
A lack of key economic releases won't help with the lackadaisical mood ahead of European trading. In any case, it's all about the Fed today so the countdown period now isn't going to offer much of anything.
0600 GMT - Germany March trade balance data
0715 GMT - Spain April services PMI
0745 GMT - Italy April services, composite PMI
0750 GMT - France April final services, composite PMI
0755 GMT - Germany April final services, composite PMI
0800 GMT - Eurozone April final services, composite PMI
0830 GMT - UK March mortgage approvals, credit data
0900 GMT - Eurozone March retail sales data
1100 GMT - US MBA mortgage applications w.e. 29 April
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! May the 4th be with you. ;)