- European stock market ready to open further
- Today we will look at a review of the ECB Minutes and the US Second Quarter GDP Report.
- The Jackson Hole Agenda will be released tonight
Futures markets point to a bullish opening to the European session, with DAX futures trading up over 100 points from yesterday’s cash close. The EUR began to move higher from European morning trading, which allowed the EUR/USD to climb above the 1.00 mark. Oil, on the other hand, traded slightly lower, while precious metals benefited from the weakness in the USD.
Powell’s Jackson Hole speech, one of the week’s major events, is scheduled for tomorrow, but the full agenda for the event will be released around 1:00 p.m. BST. While unlikely to trigger any major market moves, it will provide more clarity on what to expect from this event and whether any other top central bankers are set to speak.
Taking a look at today’s economic calendar, we can see that some interesting releases are on the way.
The IFO index is the key point on the calendar for European morning trading, followed by the ECB minutes in the afternoon.
9:00am BST – Germany IFO index for August. Required: 86.7. Previous: 88.6
12:30 pm BST – ECB min
1:30 pm BST: Annual US GDP report for the second quarter of 2022 (revision). 1st post: -0.9%
1:30 pm BST – EE. you you. Unemployment Claims. Expected: 254k. Previous: 250k
3:30 PM BST – EE. you you. EIA Natural Gas Storage. Expected: 54 Bcf. Previous: 18 Bcf
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