Headlines:
- All eyes turn to the US PCE price inflation to wrap up the week
- Major currencies muted awaiting US PCE data
- Gold shows impressive resilience despite major headwinds: what are the risks ahead?
- How have interest rates expectations changed after this week's events?
- Fed's Barkin: There is not much confidence in any inflation forecast at this point
- EU says expects US commitment on pharmaceutical tariffs cap will be respected
- Eurozone consumers see a slight pick up in inflation over the next year - ECB survey
- Dollar flows set to lean more neutral this month-end - BofA
- Moderate dollar selling the signal for this month-end - Credit Agricole
- Italy September business confidence 87.3 vs 87.5 expected
Markets:
- GBP leads, AUD lags on the day
- European equities higher; S&P 500 futures up 0.1%
- US 10-year yields down 0.7 bps to 4.165%
- Gold up 0.1% to $3,751.44
- WTI crude oil up 0.1% to $65.01
- Bitcoin flat at $109,196
There wasn't much action in European morning trade today as traders and investors have got their sights on the US PCE inflation to round off the week.
The waiting and wanting didn't leave much to work with, as major currencies meandered with the dollar holding steadier for the most part. The greenback jumped after more solid US data yesterday and will be looking to the economic calendar again before making any further moves before the weekend.
EUR/USD is flat at 1.1669 with USD/JPY also flat at 149.80 on the day. GBP/USD is just marginally higher by 0.07% at 1.3349, and sterling is the lead gainer in the major currencies space thus far. That pretty much tells you how dead of a session it has been.
In the equities space, European stocks did well to shrug off concerns on Trump's latest tariffs announcement. The broader market mood also isn't hurt whatsoever with US futures holding steadier though little changed ahead of the PCE data. That after some selling pressures have been persistent in the past few days.
Besides that, there wasn't much of note in the commodities space and in the bond market either. That's leaving it all for US traders and Wall Street to get in the driver's seat to push for some directional plays before the weekend break.
