Fairly quiet on the calendar for today

It’s a fairly light start to the week with today’s economic calendar.

EU Session:

The main highlight for the EU session is the German Ifo data for August 2022.

Data out of the Eurozone has been surprising to the downside for quite some time now (looking at the surprise index below), which means another weak print shouldn’t be a huge surprise (especially following last week’s PMI data).

Having said that, with money markets fully pricing in cuts for just two of the remaining three ECB meetings, a big miss might nudge expectations closer towards three more cuts this year.

US Session:

Then over in the US session we have Durable Goods for July and the Dallas Mfg Index. After Powell’s Jackson Hole speech on Friday I doubt markets will be paying much attention to these, as labour data is now front of mind.

Also worth noting that today’s is a UK bank holiday and since it’s Monday as well expect potential thinner liquidity and lower volumes.

This article was written by Arno V Venter at www.forexlive.com.