German ZEW survey on the agenda today

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German ZEW survey on the agenda today

Risk tones are keeping more defensive again, with stock futures pointing lower alongside Treasury yields. The dollar remains in a good spot with EUR/U

Risk tones are keeping more defensive again, with stock futures pointing lower alongside Treasury yields. The dollar remains in a good spot with EUR/USD staying on track towards parity ahead of European morning trade.

USD/JPY is also holding above 137.00 as buyers seek to establish firmer footing for an extended upside push, though lower yields might temper with the mood a bit unless the dollar catches a broader bid on the day.

Although equities have found some reprieve in the early stages this month, we’re starting to slip back into old habits again as recession fears begin to mount globally. In Europe, the focus is on the gas crisis that is looming large as Russia threatens to cut supplies. As for Wall Street, Elon Musk’s Twitter shenanigans haven’t been a comfort for tech stocks to start the week.

The Nasdaq continues to focus on its 200-week moving average:

Looking ahead to Europe today, there won’t be much in terms of key releases but the German ZEW survey is set to highlight rising recession risks as the gas crunch and inflation serve up a double whammy for the region.

0900 GMT – Germany July ZEW survey economic sentiment, current conditions
1000 GMT – US June NFIB small business optimism index

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

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