A rather light calendar day to start the new week
Risk currencies are on the defensive as we get things underway this week, with the yen leading gains among the majors going into European trading.
The ranges for the day are decent but not anything too extreme. That said, USD/CAD is threatening a push back above its 200-day moving average for the first time since July last year and that is arguably a key spot to watch to start the week.
That comes as oil prices slump further by 1% to $71.08 currently as OPEC+ reach a formal agreement on output cuts starting from next month.
Looking ahead, the market will be largely left to its own devices today and for most of the week, with little key economic releases to go on. As such, the technicals and risk sentiment will dictate most of the state of play before the FOMC meeting next week.
0800 GMT - SNB total sight deposits w.e. 16 July
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.
0900 GMT - Eurozone May construction output
Prior release can be found here. Amid supply disruptions, construction activity is among the ones still seeing a bumpy road in the recovery process and that is likely to stay the course in the months to follow.
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.
