It’s another relatively quiet day on the economic calendar for today.
EU session:
During the EU session the main highlight will be German GDP and consumer confidence data expected at 07:00 BST. It’s unlikely that these will move the needle as they are usually brushed aside. Also, given the steady amount of downside surprises in economic data in recent months another miss probably won’t surprise.
I think it’s interesting that markets are so much more optimistic about the ECB’s rate path compared to the Fed, especially when data in the Eurozone is looking far worse compared to the US.
US session:
In the US session, we get US Consumer Confidence, as well as the Richmond and Dallas Fed PMIs. All of these could be interesting for markets but with so much focus on next week’s NFP report I’m not sure whether markets will pay as much attention to these.
Confidence is expected to see a small uptick to 100.7 from the prior of 100.3, in line with the small tick higher in the University Michigan Consumer Sentiment data for August.
This article was written by Arno V Venter at www.forexlive.com.
