PMI data the focus in Europe today

<p>It is a slower start to the day after the more mixed showing in markets yesterday. The dollar also traded somewhat more mixed with the euro losing ground while the yen advanced as Treasury yields are holding more tentative after having seen 10-year yields move to its highest since 2007 above 4.30%.</p><p>We are seeing yields keep at around 4.31% today but it is not really building on the breakout move on Monday. That is also holding back USD/JPY at around 145.70 currently, though the pair also has other considerations perhaps as outlined <a href="https://www.forexlive.com/news/usdjpy-down-on-the-day-but-keep-a-close-eye-on-the-bond-market-20230822/" target="_blank" rel="follow">here</a>.</p><p>The selling in bonds did not tide over in US trading yesterday but the equities selling certainly did. Tech stocks fumbled but it was value stocks that led the declines with the Dow closing 0.5% lower while the Nasdaq barely ended the day higher but it definitely was a loss considering the start that we saw.</p><p>Looking ahead to Europe today, US futures are holding a touch higher but again, it doesn't really mean much. Nvidia earnings is the main thing to watch for stocks this week and that will determine if the hopeful optimism that we have seen is really enough to grow into something more in the days ahead.</p><p>As for European trading itself, PMI data will be in focus and that will keep the euro in the spotlight as sellers continue to build a stronger case for more downside momentum.</p><p>0715 GMT – France August flash manufacturing, services, composite PMI0730 GMT – Germany August flash manufacturing, services, composite PMI0800 GMT – Eurozone August flash manufacturing, services, composite PMI0830 GMT – UK August flash manufacturing, services, composite PMI1100 GMT – US MBA mortgage applications w.e. 18 August</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.