PMI data to highlight the agenda in Europe today

<p>That will give us a rough idea of how the Eurozone and UK economies are faring to start the new year. For the former, will it be a case of continued sluggishness and negative growth? For the latter, will the late rebound in activity in Q4 carry over to January? Those will be key questions that traders will focus on, even if the reaction in markets might be more muted this time around.</p><p>The data releases today should not change much of the outlook for the ECB and BOE, but just be prepared in case we do get any surprises.</p><p>Going into European trading, the dollar is lightly softer with USD/JPY down 0.3% to 147.85 and being the notable mover. It comes as Treasury yields are a touch softer amid <a href="https://www.forexlive.com/news/the-push-and-pull-continues-so-far-this-week-20240124/" target="_blank" rel="follow">more pushing and pulling</a> so far this week.</p><p>In the equities space, US futures are higher as tech shares continue to lead the charge on the week. S&amp;P 500 futures are up 0.25% while Nasdaq futures are up 0.42% currently. The mood is largely helped by Netflix topping revenue estimates and posting a subscriber jump in Q4 last year.</p><p>0815 GMT – France January flash manufacturing, services, composite PMI0830 GMT – Germany January flash manufacturing, services, composite PMI0900 GMT – Eurozone January flash manufacturing, services, composite PMI0930 GMT – UK January flash manufacturing, services, composite PMI1100 GMT – UK January CBI trends total orders1200 GMT – US MBA mortgage applications w.e. 19 January</p><p>That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.</p>

This article was written by Justin Low at www.forexlive.com.