Markets are in a more tentative mood so far today and understandably so. It's going to be a blockbuster day in US trading, so there won't be much conviction at least in European trading. All eyes will be on the main events later, that being the US CPI report and the FOMC meeting decision. On the latter, Powell's presser and the dot plots will be the most watched.
For now, major currencies aren't really up to much. The dollar is keeping steadier, holding little changed in narrow ranges:
We might get some extension to those ranges in the session ahead. But as for any firm convictions, that will only come later in the day.
Looking to the agenda in European trading, the UK monthly GDP for April is the main highlight. The estimate is to show a flat reading on the month, keeping the BOE on its toes after a more resilient Q1 showing.
0600 GMT - Germany May final CPI figures
0600 GMT - UK April monthly GDP figures
1100 GMT - US MBA mortgage applications w.e. 7 June
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.
