The dollar is lightly softer to start the day with EUR/USD holding near 1.0100 and USD/JPY retreating further from fresh highs above 139.00 at the end of last week to 138.30 currently. Commodity currencies are also faring slightly better as risk tones are much improved after the market delivered its verdict that the US retail sales on Friday was not 'material' enough to vindicate a 100 bps rate hike by the Fed next week.
As such, we're set for a calmer start to European morning trade and that might just lend itself to a risk-on play with little else to work with. But just be wary that market optimism could still very much be tempered with recession risks as the storm clouds continue to brew.
0800 GMT - SNB total sight deposits w.e. 15 July
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.
