Headlines:
- Brace yourselves for a blockbuster week in markets
- Dollar sits more mixed in European morning trade
- UK October monthly GDP +0.5% vs +0.4% m/m expected
- China November M2 money supply +12.4% vs +11.7% y/y expected
- US prosecutors reportedly split on charging Binance for possible money laundering
- SNB to raise key policy rate by 50 bps this week - Reuters poll
Markets:
- EUR leads, AUD lags on the day
- European equities lower; S&P 500 futures up 0.3%
- US 10-year yields down 3.3 bps to 3.534%
- Gold down 0.3% to $1,791.26
- WTI crude down 0.4% to $70.73
- Bitcoin down 1.0% to $16,933
It was a quiet affair in European trading today as market participants are bracing themselves for a colossal week on the economic calendar in the days ahead.
Equities are keeping more mixed with little direction while bond yields are slightly lower after last Friday's jump, following the US producer prices report. The dollar was slightly firmer earlier before keeping more mixed with little drivers to work with during the session.
All eyes are on the US CPI report tomorrow to really kick start the volatility rounds across markets.
EUR/USD was down to 1.0510 in the handover from Asia but picked itself up to 1.0570 while GBP/USD also saw a modest climb from 1.2205 to 1.2290 upon a bounce of its 100-hour moving average again.
USD/JPY was steadier throughout, holding around 136.70 to 136.90 levels for the most part.
Meanwhile, AUD/USD saw a bit of a decline from 0.6790 to 0.6760 levels - holding on just above its own 200-hour moving average for now.
All in all, there isn't much significance in the price action so far as we wait on the potentially bigger moves that should come along later this week.
