October 29, 2024 at 05:06AM
There are plenty of events on the economic calendar this week but still just not today, at least for Europe. Major currencies are keeping little changed for the most part, with USD/JPY down slightly on the day as traders continue to digest the political developments in Japan. Meanwhile, the antipodeans are a touch lower owing to a softer Chinese yuan with AUD/USD poised for a third straight down day to its lowest levels since mid-August.
There’s still plenty to play for in the week ahead. But for now, it’s pretty just a continuation of flows since last week. The bond market continues to intrigue with higher yields in play. 10-year Treasury yields are coming close to hitting 4.30% and that’s one to watch out for, with Goldman Sachs highlighting that level as a pain threshold for stocks.
Looking to the session ahead, there’s not much in terms of economic releases to really impact trading sentiment. There will be bigger fish to fry as we will get to CPI and GDP numbers across the euro area and the UK budget in the days ahead. But for today, it’s a case of counting down to those more important events later in the week.
0700 GMT – Germany November GfK consumer sentiment0930 GMT – UK September mortgage approvals, credit data
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.
This article was written by Justin Low at www.forexlive.com.
