The dollar is keeping steady so far today, maintaining a decent advance from yesterday as bonds capitulated while equities were pressured. I mean, 10-year Treasury yields saw a big surge from 3.55% to 3.70% in US trading so that definitely is something. There are no easy answers on the former and Adam provided a fair few points yesterday here.
The mix of that comes alongside a historic intervention by Japan to support the yen while the SNB and BOE stuck to tightening policy further in order to try and tame inflation. And let's not forget that markets are also still having to digest the Fed policy move this week, with Powell set to speak later today. However, his speech will only be for the opening remarks (~5 mins) in the latest Fed Listens event (carrying the theme 'Transitioning to the Post-pandemic Economy').
But before we get to that, the euro and risk trades will once again be a focal point with the preliminary releases for September PMI data in the region set to steal the spotlight temporarily in the session ahead.
0700 GMT - Spain Q2 final GDP figures
0715 GMT - France September flash manufacturing, services, composite PMI
0730 GMT - Germany September flash manufacturing, services, composite PMI
0800 GMT - Eurozone September flash manufacturing, services, composite PMI
0830 GMT - UK September flash manufacturing, services, composite PMI
1000 GMT - UK September CBI retailing reported sales
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.
