BOE in the spotlight in European trading today

The dollar continues to stand its ground after some selling from earlier in the week, though is trading little changed so far today as major currencies are lacking any real appetite as we get into European morning trade. Equities rallied strongly yesterday as Wall Street produced a good showing, with the S&P 500 clearing its 100-day moving average to its highest levels in eight weeks. Is this one of those violent bear market rallies or signs of hope of a turnaround in sentiment?

All eyes are set on the US jobs report tomorrow after the Fed stressed on data dependency last week. Fed speakers this week continue to reaffirm that the central bank will not relent in raising interest rates but we will have to see if the data will continue to support that narrative in the weeks/months ahead.

Steve Walker

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