EUR/USD flows: HICP, build up to payrolls on the agenda
USD/JPY still sneaking out the new highs
Otherwise relatively sidelined, building into payrolls as the next focal point
Relatively quiet in Asia, albeit with a new USD/JPY high, the next major focus with period end out the way being the payrolls on Thursday.
Choppy risk tone remains. Copper -2% after 4 sessions of bounce, individually mixed for equity markets, and S&P -0.3%, though the latter only really rolling back from the recovered high end of top range in recent sessions.
Oil prices (near flat) continue to move broadly sideways at the lows, still relatively relaxed at the halting progress as Iran refuses to meet US envoys at Doha, showing ongoing tensions. Meetings with mediators will proceed however and the market has got used to being pretty sanguine over any rocky path that isn’t entirely off the rails.
EZ HICP data this morning is expected to confirm a good drop back from last month’s highs and potentially therefore peaking, following yesterday’s softer national prints. EUR/USD still broadly sidelined at the 1.14 figure.
ISM and ADP data later probably the main highlights today, providing further build up into the payrolls release (where Bessent’s remarks have left the market wary of a strong report).