It is a slow start to the day with the yen leading gains by the slightest of margins ahead of European trading. Other major currencies are little changed with the dollar continuing to hold steady with the key technical levels outlined at the end of last week here all still in play. That will make for an interesting setup for month-end trading in the next few sessions.
The focus this week is of course on the major central bank meeting decisions, in which we will see the Fed, BOE, and ECB on the agenda. As such, I would only expect markets to find their convictions in the aftermath of that with the Fed of course being the the big one to watch on the week.
Looking ahead, there will be a couple of releases to move things along in Europe but none of which that should be too impactful.
0800 GMT – Spain January preliminary CPI figures
0800 GMT – Switzerland January KOF leading indicator index
0900 GMT – Germany Q4 preliminary GDP figures
0900 GMT – SNB total sight deposits w.e. 27 January
1000 GMT – Eurozone January final consumer confidence
1000 GMT – Eurozone January economic, industrial, services confidence
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.