Another light one on the data docket in European trading today

The dollar is trading steadier so far on the day, after a bit more pushing and pulling in trading yesterday. USD/JPY is the one to watch though as Japanese officials are out in force to verbally intervene against a further drop in the yen. The pair briefly touched 151.97, which is the highest since 1990, in Asia trading earlier.

Besides that, the ranges among other major currencies are leaving a lot to be desired still. But do keep an eye out on USD/CNY as well, as the yuan falls further on the week with the pair at 7.22 levels. That is an added tailwind for the dollar in the bigger picture.

As for risk trades, equity futures are a touch higher but it comes after some late selling in the US overnight. That hints at a more tentative and cautious take, as stocks mostly continue to consolidate at the recent highs.

Looking to European trading today, there won’t be much on the agenda to really shake things up. Spanish inflation numbers are perhaps the most noteworthy among the releases, but it shouldn’t change much of the ECB outlook for now. The central bank is still looking to wages data in May before firming up their language for a June rate cut.

0745 GMT – France March consumer confidence0800 GMT – Spain March preliminary CPI figures0900 GMT – Switzerland UBS March investor sentiment1100 GMT – US MBA mortgage applications w.e. 22 March

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.