EUROPEAN SESSION
In the European session, the only highlight is the Swiss CPI report. Headline CPI Y/Y is expected at 1.2% vs 1.0% prior, while the Core Y/Y measure is seen unchanged at 0.5%. The data won’t change anything for the SNB, though, as the central bank maintains a neutral stance with interest rates at 0.00% and limited second-round effects from higher energy prices.
The risk sentiment is negative today after the US striked Iran’s Qeshm island and reports suggested that CIA director has advised Trump to maintain a “no war, no deal” approach against Iran and let economic pressure continue.
AMERICAN SESSION
In the American session, we get the US job openings report which is expected to show an increase to 7.164M vs 7.079M in the prior month. The data is unlikely to change anything for the Fed, though, as the central bank remains focused on inflation. Nevertheless, we could see the market getting more concerned about growth if the data surprises significantly to the downside.
The focus is now on the US midterm elections. We should get the first results around midnigth GMT time and then get better indications a couple of hours later.
CENTRAL BANK SPEAKERS
- 08:00 GMT/03:00 ET – ECB’s Kocher (hawkish – voter)
- 10:00 GMT/05:00 ET – ECB’s Moulin (neutral – voter)
- 14:00 GMT/09:00 ET – ECB’s Moulin (neutral – voter)
- 16:00 GMT/11:00 ET – BoC Governor Macklem (neutral – voter)
- 17:00 GMT/12:00 ET – ECB’s Nagel (hawkish – voter)
- 18:15 GMT/13:15 ET – ECB’s Sleijpen (neutral – voter)
This article was written by Giuseppe Dellamotta at investinglive.com.
