What are the main events for today?

Today the main highlight was the release of the UK labour market report. The data was pretty mixed but leaning more on the dovish side. We don’t have much for the rest of the day as we just get some low tier releases like the German ZEW and the US NFIB Small Business Optimism Index.

We have also some Fed speakers today which include Waller, Barkin, Kashkari and Harker. Overall, they are likely to repeat Powell’s comments as we haven’t got the CPI yet. If we keep seeing strong data though, expect them to start talking about pausing in 2025.

For now, the momentum in the “Trump trades” continues to be strong and we might see some pre-positioning/hedging into a potentially hot US CPI report tomorrow.

Central bank speakers:

• 09:00 GMT – ECB’s Rehn (neutral – voter)
• 09:00 GMT – BoE’s Huw Pill (neutral – voter)
• 10:00 ET/15:00 GMT – Fed’s Waller (neutral – voter)
• 10:15 ET/15:15 GMT – Fed’s Barkin (neutral – voter)
• 14:00 ET /19:00 GMT – Fed’s Kashkari (hawk – voter)
• 17:00 ET/22:00 GMT – Fed’s Harker (neutral – non voter)

This article was written by Giuseppe Dellamotta at www.forexlive.com.