UK labour market report on the agenda in the session ahead

It’s a slower start to the day once again but the dollar is keeping in a good spot, building on the gains in October so far. Tensions in the Middle East are fading but it is only oil prices mostly correcting on the back of that. In the equities space, Wall Street rallied in holiday thin trading with the S&P 500 touching another record high. Undaunted.

Looking to today, there will finally be items on the economic calendar to move things along. In Europe, the UK labour market report is one to watch. But as has been the case previously, do take note that ONS continues to attach a great deal of uncertainty to the estimates. That considering their model in capturing the data is not accurate since the start of the year. So, there’s that.

The BOE has already took that into consideration over the last few months, so that makes it tough to get a good read on what the labour market data has been saying. I think that’s also evident in the trend in the unemployment rate; the previous report being here.

Besides that, we’ll get some final inflation readings for the month of September for Spain and France. But for the ECB, it’s more about how the economy is faring as inflation pressures have slowed in recent months.

And to wrap things up in European morning trade, there will be the German ZEW survey. “Wake up, mum. More bad news on the German economy just dropped.”

0600 GMT – Germany September wholesale price index0600 GMT – UK September payrolls change0600 GMT – UK August ILO unemployment rate, employment change0600 GMT – UK August average weekly earnings0645 GMT – France September final CPI figures0700 GMT – Spain September final CPI figures0900 GMT – Eurozone August industrial production0900 GMT – Germany October ZEW survey economic sentiment

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.