EUR/USD has seen steady trade in Asia overnight, presently at 1.2660 which is pretty much where it closed out Monday in North America. The range has been a conservative 40 points, 1.2633-1.2673.
Risk aversion is to the fore. European stocks expected to open appreciably lower this morning; DAX 30 off some 0.9%, CAC 40 some 1%.
Euro zone data due today:
07:30 GMT: Italian business confidence for August expected 98.5 from previous 98.3
07:55 GMT: German unemployment change for August expected -20k; unemployment rate steady at 7.6%
08:00 GMT: Italian retail sales for June expected +0.1% m/m, -0.5% y/y
09:00 GMT: Italian CPI for August (prov) EU harmonized expected -0.1% m/m, +1.7% y/y
09:00 GMT: EUro zone CPI for August expected +1.6% y/y from previous +1.7%
09:00 GMT: Euro zone unemployment for July expected steady at 10%
Tail end of last week was getting reports that month end flows expected to be generally dollar positive, with strong negative signals for EUR/USD.
Talk buy orders 1.2600/20, stops below before more buy orders clustered down at 1.2550/70.
