Not on the agenda in Europe today

It’s a long weekend in the US, so there may not be much market appetite to pick up new moves in the new week just yet.

This could see the slight relief from Friday last week continue, but overall risk sentiment still looks rather uncertain. Stocks are regaining some respite, but the technical data is not looking good. A simple look at the weekly chart of the S&P 500 illustrates just how terrible the week has been for stocks:

After breaking the 38.2 Fib Retracement level at 3,815, we now see price falling into an air pocket with room to fall towards support around the 50.0 Fib Retracement level and the moving average over 200 weeks (blue line) at 3,502-05.

Elsewhere, the pivot of SNB policy remains the standout move in terms of central banks last week and that could trigger further currency moves during the week. Otherwise, in Europe, some attention will still be given to regional bonds, as the ECB seeks to come up with a detailed plan to deal with fragmentation risks.

There won’t be much in the way of key releases that day, so expect flows and tech to keep getting the job done for now.

0600 GMT – May PPI figures from Germany
08:00 GMT – Total SNB sight assets Wed 17 June
0900 GMT – Exit from Eurozone construction in April

That’s all for the upcoming session. I wish you all the best days ahead and good luck with your trading! Stay safe there.


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