another quiet one on the agenda in europe today. as we look to european trading today, major currencies are not doing all too much while equities are continuing to hold steadier going into the session ahead. us futures are up, led by tech shares, while european futures are marginally higher following the gains in wall street yesterday. in other markets, gold is nudging higher again after some profit-taking yesterday as geopolitical tensions made waves since overnight trading. in us trading yesterday, we saw the bls post the largest downwards annual revision to non-farm payrolls on record. if anything, it's a glaring issue that the stats bureau can be so off base in data accuracy but all that just gave easy ammunition to trump to fire home his points about the biden economy and the fed falling behind the curve. the market reaction was rather controlled, with traders still just holding on to fully pricing in a 25 bps rate cut for next week. meanwhile, there's ~67 bps of rate cuts priced for year-end. there's no strong push for a 50 bps rate cut call for next week just yet, but that will have to depend on the us cpi report tomorrow. aside from that, we also saw a sudden attack from israel towards qatar overnight. israel launched airstrikes in trying to target hamas leaders and that's making for a step up in geopolitical tensions in the region. for some context, qatar has been acting as a mediator in gaza ceasefire talks so for them to take on collateral damage is quite terrible - at least in terms of optics. us president trump has already expressed his displeasure about the situation with reports suggesting that hamas leaders did manage to survive the latest attacks. the latter fact could yet provoke more attacks by israel, so we'll have to watch and see. meanwhile, we also got another notable development in the russia-ukraine conflict as poland felt compelled enough to have to shoot down russian drones which crossed into their territory. that marks a new escalation or at least a significant development since the conflict began in 2022. that as it marks the first time a nato country has had to draw its sword to defend itself against russia's incursions. for now, markets are holding calmer but this will be another spot to keep an eye out for once we start to see russia speak more about the situation. looking ahead today, the main draw will be the us ppi report which will act as a bit of a litmus paper before we get to the us cpi report tomorrow. fx option expiries for 10 september 10am new york cut. there aren't any major expiries to take note of for the day, with the list seen below. after the largest downwards annual revision on record to us jobs yesterday, it just continues to reaffirm the narrative that the fed should move faster to cut rates. still, it's not enough to trigger a spark for traders to price in a 50 bps move next week. the onus on that will fall on the us cpi report tomorrow it would seem; provided the inflation numbers are softer than anticipated. the dollar remains in a more tentative and vulnerable spot, but not facing another bout of selling just yet. the lack of expiries today will be accompanied by a lack of key economic releases in europe, so that will keep things quieter in the session ahead. that said, just be wary of potential geopolitical headlines that could stir things up. the israel-qatar situation yesterday was one before we got a new development in the russia-ukraine conflict. for more information on how to use this data, you may refer to this post. head on over to investinglive (formerly forexlive) to get in on the know! markets keep the calm for now as we enter new territory in the russia-ukraine conflict. in case you missed it, there was a new development overnight in the ongoing conflict between russia and ukraine. russian drones were said to have crossed ukraine's border, enough to prompt a response from poland for the first time since the conflict began in 2022. poland called the incursion as "an unprecedented violation of polish airspace by drone-type objects". adding that those objects "repeatedly violated" polish airspace and that "weapons have been used, and operations are underway to locate the downed objects". again, this is not the first time that russian drones have flown way far west of ukraine but there has been an increase in the frequency of such a situation. polish fighter jets have been called upon a couple of times already as of late to stand guard as drones were moving very close to the border. however, this is the first time ever that a nato country is getting involved and has directly engaged against russian assets since the whole russia-ukraine conflict began in 2022. so far, polish armed forces are highlighting three regions as being the most vulnerable if the situation escalates further. as we look to european trading, markets are not reacting all too much just yet. equity futures are still sitting higher while the fx market is looking rather sanguine and tentative, with traders perhaps focusing more on us data this week. but as geopolitical tensions gets added into the mix, gold will be able to keep finding reasons to stay more bid after a run to fresh record highs earlier this week. the precious metal is up another 0.5% today to $3,643 currently, though coming after some profit-taking in trading yesterday. will money moving back into bitcoin etfs spark a new rally? institutional investors are getting back into crypto as retail remains reluctant, and analysts suggest that this could spark the next rally. binance ignites a price explosion for 2 altcoins: details here. the binance effect was once again in play: check out what happened. #forex #trading #market #geopolitics #europe #usa #bitcoin #crypto #gold #equities #investing