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European indices set for lower opening
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US services ISM index for August
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German factory orders drop 1.1% MoM in August
In spite of a rather positive Asian session, futures markets point to a slightly lower opening of the European cash session today. Oil holds onto yesterday's gains while precious metals benefit from weaker USD. AUD weakens despite a 50 basis point rate hike delivered by RBA. Cryptocurrencies gain with Ethereum trading 4% higher.
Economic calendar for the day ahead is light. The only noteworthy release from Europe - German factory orders for July - was already released at 7:00 pm BST and showed a disappointing 1.1% MoM drop (exp. -0.3% MoM). Things get a bit more interesting in the afternoon with the release of US services PMI and ISM non-manufacturing indices for August. However, the former will be a revision and may not have much of an impact on the markets. A regular, weekly API report on oil inventories will be released on Wednesday this week due to the US holiday observed yesterday.
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Open account Try demo Download mobile app Download mobile app2:45 pm BST - US, services PMI for August. First release: 44.1
3:00 pm BST - US, ISM non-manufacturing index for August. Expected: 55.1. Previous: 56.7
Overnight session
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2:30 am BST - Australia, GDP report for Q2 (first release)
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