EUROPEAN SESSION
In the European session, we don’t have anything on the agenda, so we see some rangebound price action heading into the US session. The focus remains on the delicate ceasefire ahead of tomorrow’s US-Iran negotiations in Islamabad.
There’s been some noise yesterday which weighed a bit on the risk sentiment, but overall it looks like the ceasefire remains intact as both parties will want to turn a blind eye on any misunderstanding at least until tomorrow.
AMERICAN SESSION
In the American session, we have the final US Q4 GDP, the US PCE price index and the US Jobless Claims data. We are already in Q2 now, so nobody is going to care about the Q4 GDP data as it’s now ancient history.
The US PCE Y/Y is expected at 2.8% vs 2.8% prior, while the Core PCE Y/Y is seen at 3.0% vs 3.1% prior. Bear in mind this is February data, so the market reaction will likely be muted.
The Initial Claims are expected at 210K vs 202K prior, while Continuing Claims are seen at 1828K vs 1841K prior. This is the only data that could matter today, but it will need to be very weak to trigger some growth fears. And even then, the market will likely fade the reaction due to positive expectations around a lasting US-Iran peace deal.
CENTRAL BANK SPEAKERS
09:00 GMT/05:00 ET – SNB Chairman Schlegel (neutral – voter)11:45 GMT/07:45 ET – ECB’s Sleijpen (neutral – voter)
This article was written by Giuseppe Dellamotta at investinglive.com.