It’s that kind of a day again in Europe as markets are caught in a lull, with the countdown to Jackson Hole continuing. The euro area PMI data earlier was solid but all it does is reaffirm the current stance by the ECB to pause on rate cuts. So, that’s not really jolting markets into action so far on the session.
In the equities space, the mood music is also rather tepid and that’s not leaving much for currency traders to work with as well. The overall risk mood this week remains cautious with investors keeping a close eye on Fed chair Powell’s speech tomorrow instead.
We might get something to work with from Walmart earnings, US weekly initial jobless claims and PMI data, as well as Fedspeak later. But until we get to all that, it’s still just a slow and quiet one in Europe as it is shaping up to be another typical summer’s day of trading.
Here are the changes on the week so far for dollar pairs:
- EUR/USD: -0.4%
- USD/JPY: +0.4%
- GBP/USD: -0.5%
- USD/CHF: -0.1%
- USD/CAD: +0.4%
- AUD/USD: -1.2%
- NZD/USD: -1.5%
Outside of the aussie and kiwi, you could easily mistaken the changes as part of being what one day could possibly bring
