The dollar meltdown continues
The greenback is being battered across the board to start the new week and that remains the key focus in the currencies space as we see EUR/USD take out 1.1700 while gold and silver are roaring, with the former finally hitting fresh record highs.
After a subdued end to trading last week, US futures are keeping slightly better today but the break higher in the euro and gold tells more of the story for the time being.
Looking ahead, there will be little to distract from that in European trading so let's see if we will get more of an extension or some consolidation before US traders enter.
0800 GMT - Eurozone June M3 money supply data
Prior release can be found here. Broad money and overall credit in the euro area credit are expected to continue to swell amid the ECB continuing to keep the stimulus tap flowing, so that should keep the narrative of more supportive financial conditions going.
0800 GMT - Germany July Ifo business climate index
Prior release can be found here. Business sentiment should improve further this month as virus fears recede but we'll have to see how much of the optimism can be sustained - especially in Q4 - as the global situation stays the same or becomes worse in some other parts of the world over the next few months.
0800 GMT - SNB total sight deposits w.e. 24 July
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.
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.
