PMI data to move things along in European trading today

December 04, 2024 at 05:36AM
The dollar is sitting more mixed on the day with light changes for the most part. The notable mover in Asia has been the aussie, which pushed lower after the more disappointing Q3 GDP report here. That saw AUD/USD drop briefly to its lowest since August before holding at the key support region of 0.6433-50 for now.

In terms of RBA pricing, the first 25 bps rate cut is now seen in April next year instead of May. But either way, it doesn’t change anything for the immediate policy decisions in December and February.

In overnight trading, South Korea caused a bit of a stir as lame duck president Yoon declared martial law. That led to a burst of volatility in markets but ultimately settled down once the drama quickly ended.

And as we put that behind us, the focus shifts back towards US data again now on the week. The dollar remains in a more tentative spot overall, awaiting further clues. The next key items on the agenda today will be the US ADP employment change and ISM services PMI.

As for European trading, it should be a bit of a slower session overall. We are likely to see some further extension to the narrower ranges but the moves are likely to keep more tentative for the time being. It’s all a waiting game until the non-farm payrolls report on Friday.

There will be PMI data to move things along but these are final readings for November. As such, they won’t offer too much in terms of impact for the session ahead.

0815 GMT – Spain November services, composite PMI0845 GMT – Italy November services, composite PMI0850 GMT – France November final services, composite PMI0855 GMT – Germany November final services, composite PMI0900 GMT – Eurozone November final services, composite PMI0930 GMT – UK November final services, composite PMI1000 GMT – Eurozone October PPI figures1200 GMT – US MBA mortgage applications w.e. 29 November

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.