What to watch in the London session

Backdrop

Risk-off still owns the tape: Europe’s bond selloff persists, oil keeps grinding higher, and the Kospi’s 5.7% slide sets a cautious tone for the European open. The crypto aisle, though, is the constructive exception — the SEC’s proposed framework and a planned White House summit keep the regulatory story alive, even if the initial pop has cooled into watchfulness. No reversal: same story, one notch calmer.

This window

The calendar is light. Final euro-area CPI and the UK HPI are low-tier, and the German 10-year auction is unlikely to move the needle. The one to listen for is ECB President Lagarde (medium) — any comment on how the central bank balances tightening against an energy-led inflation shock could nudge EUR pairs.

What to watch

The technical gauge is flat across all majors, commodities, and crypto — no strong tilts anywhere. For FX and gold, there’s simply nothing scheduled to break the balance. For bitcoin and ether, the neutral read masks a positive nudge from Washington’s regulatory momentum; the fine print of the proposal is what traders are waiting to digest. Watch Lagarde for direction, and whether the crypto story keeps its constructive lean or fades further into wait-and-see.