The dollar is finding itself on the backfoot again as we look towards European morning trade, with USD/JPY the big mover once again as the pair is down 0.7% to 133.30 with the low earlier testing the 133.00 mark.
This comes after US Q2 GDP saw a surprise contraction, which technically means the US is in a recession - though yet to be officially declared by the NBER. The bond market is the key spot to watch and a technical breakdown in yields appears to be taking shape.
Looking ahead, the euro will be in focus as we will get a slew of inflation and Q2 GDP data in Europe. Another set of worsening economic figures could be reason enough to pin down the single currency further before the end of the week.
0530 GMT - France Q2 preliminary GDP figures
0600 GMT - Germany June import price index
0645 GMT - France July preliminary CPI figures
0700 GMT - Spain Q2 preliminary GDP figures
0700 GMT - Spain July preliminary CPI figures
0700 GMT - Switzerland July KOF leading indicator index
0755 GMT - Germany July unemployment change, rate
0800 GMT - Italy Q2 preliminary GDP figures
0800 GMT - Germany Q2 preliminary GDP figures
0830 GMT - UK June mortgage approvals, credit data
0900 GMT - Eurozone Q2 preliminary GDP figures
0900 GMT - Eurozone July preliminary CPI figures
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.
