CEEMEA OPEN: US markets closed for Labour day

02 SEP 06:07GMT: The DXY is rangebound between the 101.800 and 101.600 handle while the US markets are closed for Labour day holiday, although equity & debt futures will be open for an shortened electronic session. Recapping datat from Thurs and Fri, the strong Q2 GDP revision and the not-so-cool PCE data prints on Thursday and Friday rescued the DXY Index which appeared to be on the ropes in the early part of the week saw the greenback lose ground to its G7 counterparts. A crucial month for the Fed and the dollar as rate hike odds for the Sept 18 meeting have adjusted once more as the probability of a 50 bps cut declined from 36% to 30%. For now, USD/CEEMEAs are mostly softer at the European open on Monday. USD/TRY is steady above the 34.05 handle ahead of Turkey's 2Q GDP data which probably slowed to 3.2% y/y from 5.7% and may contract by -0.5% q/q. Elsewhere, reports are showing that Turkish companies are struggling under the weight of many challenges, being hit by a combination of stubbornly high inflation, rising cost, dwindling access to finance and a weak demand. Also, reports show that IStanbul's retail inflation decline by more than 10% in Aug, likely foreshadowing an easing in nationwide prices (via Bbg). USD/ZAR climbed to a 10-day high of 17.8728 even after SARB Gov Kganyago expressed that S. Africa's latest inflatoin data is welcome but still reflects historical prices, highlighting that S. Africa needs lower and sustained inflation as some risks to the inflation outlook are on the horizon (via Bbg). EUR/CZK is steady below the 25.050 handle, over the weekend the CNB expressed that the latest data indicates that ecenomic recovery is overall developing in line with their f/c, while the Czech Finance Ministry presented a plan to cut the budget deficit on the election year of 2025, kicking off coalition wrangling about spending priorities as ruiling partis grapple with public discontent (Via Bbg). Still to come in CEEMEA is Hungary's Trade Balance (6:30GMT) & Manuf PMI (7GMT), Turkey's Manuf PMI & 2Q GDP (7GMT), Poland's Manuf PMI (7GMT), Czech Manuf PMI (7:30GMT), S. Africa's Absa Manuf PMI (9GMT)

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