What are the main events for today?

Today the calendar is pretty empty on the data front with the UK on holiday and just a couple of second-tier releases. The German IFO is expected at 86.5 vs. 87.0 prior, but it shouldn’t be a market moving report given that it’s correlated with the Germany Composite PMI, and therefore not a “fresh” news. The US Durable Goods is a very volatile data point and it’s rarely market moving.

Unfortunately, this week doesn’t offer much in terms of forward looking data and the only highlight in that sense will be the US Consumer Confidence report tomorrow. It’s all about the first week of September now as that’s the one that will decide the aggressiveness of the Fed’s easing and whether the first cut will be a 25 or 50 bps one.

Wish you a profitable week!

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