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Today's economic calendar is light, with only US building permits and housing starts scheduled for release.
UK jobs data released today showed a surprise increase in wages, which boosted the odds of another 25 basis point rate hike by the Bank of England (BoE) to 90%.
The past week was a whirlwind of monetary decisions, punctuated by announcements from nine central banks, surrounded by early-week CPI results and concluding with Friday's PMIs.
quities remain under pressure, with futures like the ES, NQ, and STOXX50 testing major support levels. A break and close below these levels could open up more selling pressure.
The GBP has struggled in early European trade after the latest batch of UK CPI data printed much lower than what markets had anticipated.
The DXY remains stuck near the 105 psychological level as markets are eagerly awaiting tomorrow’s FOMC policy decision. On a positioning basis, the USD has been looking a bit stretched looking back over the last 52 weeks with institutional long positions looking a bit on the stretched side.
Looking ahead, the upcoming week promises to be anything but dull, with nine central bank policy decisions slated for announcement.
EUR remains on the backfoot after yesterday’s dovish ECB policy decision. The European Central Bank (ECB) raised interest rates yesterday, but also signaled that they have reached a "sufficiently restrictive" level of rates. This sent the EUR lower across the board.
This morning's UK growth data showed a faster than expected contraction in UK growth for July
This morning's UK labour data was a bleak one. The labour market and growth are contracting, while inflation pressures are building. This is a typical stagflation environment for the UK.
The biggest influence on overall risk sentiment today will be incoming US data.
The current outlook for the markets is mixed. Oil prices are likely to remain supported by tight supply, but equities could be weighed down by concerns about inflation. The US Dollar is likely to remain strong, but could come under pressure if the ISM Services PMI disappoints.
The financial markets are in a risk-off mood, as investors are concerned about the global economic outlook. The stronger US Dollar is likely to continue to weigh on commodities and other risk assets.
The Reserve Bank of Australia (RBA) is expected to hold interest rates at 4.10% at its meeting tomorrow, according to a majority of analysts.
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