Markets Eye German CPI and Central Bank Speeches on a Busy Monday

Hello traders, welcome on Monday. As we kick off a new week, we’ve already received important PMI data from China. Manufacturing PMI came in better than expected, though it still sits below the key 50 level, signaling contraction. Non-manufacturing PMI landed right at 50, indicating a neutral stance for now. Later today, all eyes will be on the German Prelim CPI, a critical piece of inflation data for the Eurozone and the Euro. In addition, we’ll be getting speeches from ECB’s Christian Lagarde and FED’s Jerome Powell, adding further weight to today’s events. It’s shaping up to be a busier Monday than usual, breaking the typical quiet start to the week.

Looking at the indices, futures are slightly in the red, reflecting a small decline. However, the broader sentiment on the markets remains positive, with indices still benefiting from recent bullish momentum. On the currency front, the Australian dollar, New Zealand dollar, and Japanese yen are showing strength, while the Swiss franc, American dollar, and Euro are lagging behind, reflecting a bit of a global divide in performance.

Turning to commodities, the market opens without a clear direction this morning. Palladium and platinum are facing some slight weakness, while gold and copper are inching higher. Oil, on the other hand, starts the week on a positive note, with an early upswing. As the week unfolds, our primary focus will shift towards the highly anticipated non-farm payrolls report on Friday, as it’s the first Friday of the month. It’s bound to set the tone for the markets heading into the next week. Stay tuned, and let’s see how things unfold!

Source: https://www.axiory.com/analytics/market-news/markets-eye-german-cpi-and-central-bank-speeches-o