After the volatile moves from Fed chair Powell's remarks late yesterday, markets are sitting calmer today with US futures little changed and major currencies observing a snoozefest. At this stage, the risk mood is the key driver of trading sentiment in my view but there won't be much for traders to work with in the coming sessions.
There will be a couple more Fed speakers coming up but in terms of data (which is the most important driver at the moment), we might have to wait until the University of Michigan's consumer sentiment survey on Friday for something to work with. Otherwise, all eyes are pretty much fixated on the US CPI data coming up next week.
As such, we might be in for a boring one in Europe today as traders and investors might have to wait on Wall Street to provide some much needed direction later in the day.
1200 GMT - US MBA mortgage applications w.e. 3 February
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.
