US Core monthly retails sales will be announced on Friday at 15:30 MT time.
German business morale suddenly clouds before election
German business confidence tumbled suddenly several weeks before Sunday's federal election, as a poll revealed on Monday, hinting that a consumption-led rise in Europe's number one economy could lose momentum in the nearer months.
As the Munich-based Ifo economic institute disclosed, in August, its business climate index, built around a monthly survey of some 7,000 companies, declined from 115.9 to 115.2 versus a Reuters consensus expectation for a reading of 116.0.
The Ifo poll was conducted just three weeks before the election. Chancellor Angela Merkel took a fourth term. However, she requires changing coalition partners, so the indicator doesn’t take the election outcome into consideration.
The sag in Ifo's headline figure took place due to the fact that managers took a more dismal evaluation of the current business situation, to say nothing of a more clouded business outlook for the next six months.
Stock significantly surged: S&P 500 and Nasdaq reached 6-week highs. The market sentiment may deteriorate today as Johnson & Johnson’s Covid-19 vaccine trails have been stopped because of the unexplained illness.
The Australian jobs data is announced on Thursday at 03:30 MT time.
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.