Once again, USD/JPY is a notable mover in Asia as the pair climbs back up to around 154.50 currently - up 0.4% on the day. The downwards pressure of Tokyo intervention hasn't been felt this week, with USD/JPY having moved off a low of just under 153.00 on Friday last week. The pair is now running up against its 100-hour moving average at 154.63, for what it is worth.
Elsewhere, the dollar remains on edge for the most part. The selling late last week is still passing through as risk trades are also firming up. 10-year Treasury yields are still down at around 4.473% currently, so that's not helping with dollar sentiment.
Looking to European trading, there won't be much on the agenda to really shake things up. Traders are still going to weigh up the Fed outlook for the most part, as we count down to the US CPI data next week. Right now, the odds of a September rate cut are at ~85% with roughly 44 bps worth of rate cuts priced in for the year.
0545 GMT - Switzerland April unemployment rate
0600 GMT - Germany March industrial orders
0600 GMT - Germany March trade balance data
0600 GMT - UK April Halifax house prices
0645 GMT - France March trade balance data
0730 GMT - Germany April construction PMI
0830 GMT - UK April construction PMI
0900 GMT - Eurozone March retail sales
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
