European FX Open - Can Germany continue its tentative data rebound?

USD/YEN has turned more steady, as Yomiuri reports Japan PM Ishiba is set to call on opposition Democratic Party for the People for a “partial” coalition.

The calendar picks up today.

At the top of the hour, Sweden September and Q3 GDP (indicator) and retail sales are scheduled, with positive numbers largely forecast.

At the same time, we get German Gfk consumer confidence, which is seen improving in November to -20.5 from -21.2 the month previous. Recall last week we received some quietly promising numbers out of the once EU powerhouse in the form of the flash October PMIs and IFO business survey.

EUR/USD posts tentative bases at 1.0782 and 1.0761 ahead.

Later in the morning, Italian hourly wages and UK mortgage approvals could garner some interest.

And, in the second half, US consumer confidence for October is seen up a notch to 98.8 vs last month's 98.7 relative plunge. It's also the first major US jobs release of NFPs week via JOLTS job openings, with 8000k the consensus.

On the central bank front, the Riksbank is due to release its business survey and SNB's Schlegel and the BOC's Macklem and Rogers are all scheduled this evening.

Overnight, the ECB's de Guindos stated the Bank has made significant progress in bringing down inflation but cannot declare victory just yet.

Meanwhile, Bbg reports the Biden administration finalized restrictions on investments by US individuals and companies into advanced technology in China, including semiconductors, quantum computing and AI.

Elsewhere, Bitcoin surged beyond the psychological 70000 mark for the first time since June, to a 71460 high, supported by inflows into dedicated ETFs as well as speculation about potential outcomes from next week’s US election. Hedge fund Vantage Point is said to be buying the USD and Japanese stocks amid expectations of a Trump landslide.

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