PMIs on the agenda in Europe today

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PMIs on the agenda in Europe today

<p style="" class="text-align-justify">The dollar is staying on the softer side as we look towards European trading today, with last Friday's post-NFP relief only proving to be a fleeting moment for the greenback. The technicals are still poor and I will talk about them more during the session but I've already outlined some cases last week <a href="https://www.forexlive.com/news/heres-why-the-us-non-farm-payrolls-may-not-be-the-dollars-saviour-20221202/" target="_blank" rel="follow">here</a>.</p><p style="" class="text-align-justify">Broader market sentiment is more tentative with S&P 500 futures seen down 4 points, or 0.1%, while 10-year Treasury yields are up by a fair bit to 3.53%. The bond market is still a key spot to watch as pointed out <a href="https://www.forexlive.com/news/the-bond-market-is-still-a-key-spot-to-watch-this-week-20221205/" target="_blank" rel="follow">here</a> earlier but there isn't much for traders to work with as we get into the new week.</p><p style="" class="text-align-justify">The weekend developments saw <a href="https://www.forexlive.com/news/opec-holds-production-unchanged-as-expected-20221204/" target="_blank" rel="follow">OPEC+ rolling over production quotas</a>, ECB policymaker Villeroy <a href="https://www.forexlive.com/centralbank/weekend-ecbs-villeroy-says-he-is-in-favour-of-a-50bp-rate-hike-on-december-15-20221204/" target="_blank" rel="follow">endorsing</a> a 50 bps rate hike, and China continuing to loosen Covid restrictions. Here's a quick snapshot on some of the curbs that were relaxed:</p><p style="" class="text-align-justify">Looking ahead to Europe today, there will be some data points to move things along but I would expect trading sentiment to continue to focus on the risk mood and the technicals as traders look to get settled in.</p><p style="" class="text-align-justify">0815 GMT - Spain November services PMI0845 GMT - Italy November services, composite PMI0850 GMT - France November final services, composite PMI0855 GMT - Germany November final services, composite PMI0900 GMT - Eurozone November final services, composite PMI0900 GMT - SNB total sight deposits w.e. 2 December0930 GMT - UK November final services, composite PMI0930 GMT - Eurozone December Sentix investor confidence1000 GMT - Eurozone October retail sales</p><p style="" class="text-align-justify">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><p style="" class="text-align-justify">9 - With his two goals against Poland, Kylian Mbappé becomes the first player to score 9 goals in the World Cup before his 24th birthday.</p>

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

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