Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
Lot of economic dockets scheduled for today, focus on ECB monetary policy.
Data released so far:
- Australia - Retail sales dropped by -0.1% In July from June. Trade balance for July came at -2.46 billion, better than prior -3.05 billion. Imports remained at same level, while exports grew by 2%.
- France - ILO unemployment rate came at 10.3% for August. Services PMI deteriorated to 50.6 in August from 51.8 in July.
- Spain - Services PMI came at 59.6 in August.
- Italy - Services PMI grew to 54.6 in August from 52 in July.
- Germany - German services PMI rose to 54.9 in August.
Upcoming:
- Euro zone - Services PMI to be released at 8:00 GMT. Retail sales to be announced at 9:00 GMT. ECB will announce monetary policy decision 11:45 GMT, followed by press conference at 12:30 GMT.
- UK - Services PMI to be released at 8:30 GMT.
- US - Trade balance for August to be declared at 12:30 GMT, along with initial jobless claims and followed by Markit services PMI at 13:45 GMT and ISM non-manufacturing PMI at 14:00 GMT. EIA will release natural gas weekly report at 14:30 GMT.
- Canada - International trade details to be released at 12:30 GMT.
- Auctions - Spain will auction 5 year and 10 year bonds. France will auction 10 year bond
