Not much on the data docket as the focus stays on risk and the continued spike in coronavirus cases, hospitalisations in the US


Stocks didn't really enjoy a good time yesterday as we saw a more than 2% drop in US indices amid a continued rise in coronavirus cases, hospitalisations across the country.

In turn, the dollar stayed more bid as jitters started resurfacing again but major currencies are keeping more steady and cautious in trading so far today.

As for US stocks, the S&P 500 is backing away from the resistance region around 3,153 to 3,155 and is moving closer towards the 200-day moving average.

As for the Dow, price action is backing away from the 200-day moving average and is now moving towards the 100-day moving average instead.

Those will be the key focal points from a technical perspective ahead of the weekend.

Looking ahead, there isn't much to distract from that in the day ahead as risk will remain the major focus and the bias is still tilted to the downside for now.

Elsewhere, the pound got some encouraging Brexit news earlier but is not really moving on it - though we have heard this sort of talk many a time already. Meanwhile, gold's breakout saw a retreat and buyers are needing to go back to the drawing board.

0600 GMT - Germany July GfK consumer confidence

Prior release can be found here. The rebound in consumer confidence is expected to continue but so far it should still reflect more subdued and tepid sentiment for the most part. It is going to take a while for things to get better but the hope is that conditions will continue on this path in the second-half of the year at least.

1000 GMT - UK June CBI retailing, total distributive reported sales

Prior release can be found here. The readings here are an indicator of short-term trends in the retail and wholesale sector of the UK economy. A minor data point but one that paints a bit more colour on the situation on the ground in the UK.

1130 GMT - ECB releases its account of the June policy meeting

This relates to the June monetary policy decision here. This is mainly the minutes of the meeting so it shouldn't reveal much that we don't already know from the statement itself, as well as Lagarde's press conference and subsequent remarks by policymakers since.

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.