Economic data coming up in the European session

08 Jul 2020, 18:25 · Views 569

Little on the data docket in the session ahead

US stocks snapped a run of gains in trading yesterday as risk sentiment stays more choppy in the first two days of the week. That is leaving little to be desired, with major currencies seeing little change today with US futures also looking more tepid.

The pound was a notable gainer yesterday as EUR/GBP broke back under 0.9000 while GBP/JPY rose above its 100-day moving average, lifting cable firmly above 1.2500 as well.

But the market mood is staying more calm for now as we look towards European trading.

The main focus will stay on risk still, with investors looking at what to make do of recent virus developments and the constant ebullience by the market to shrug off concerns.

A little fun fact is that the S&P 500 has not seen two consecutive down days since 10-11 June. The Nasdaq hasn't experienced that since 12-13 May.

So, it'll be interesting to find see how the market holds up once again in the wake of the barrage of more pressing coronavirus headlines once again later today.

0545 GMT - Switzerland June unemployment rate

Prior release can be found here. The seasonally adjusted jobless rate is expected to tick slightly higher in June amid the fallout from the virus outbreak still reverberating across the economy. That said, it's a relatively minor data point for the franc.

1100 GMT - US MBA mortgage applications w.e. 3 July

Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. A general indicator of housing market sentiment.

That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Remember, stay safe out there.

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