So here we sit. Risk should be shunned but it’s really holding up rather well, from a currency perspective, given the pullback in share prices and the slide in commodities.
EUR/USD trades closer to the top of recent ranges than the bottom while commodity currencies like AUD and CAD have recovered earloer losses. Who would have guessed?
Next up for the market is the ISM data tomorrow morning. Regional PMIs and Fed surveys point to a rebound above the 50 level.
European unemplyment data, German retail sales and PMIs are set for release on Tuesday as well. Markets should be deeper with UK traders returning from holiday.
