Major currencies are rather subdued, stuck in narrow ranges to start the day after having seen the dollar gain yesterday amid concerns surrounding China and the global economic outlook. Wall Street shrugged off early losses to close higher but US futures are looking more tepid today. As pointed out here, the S&P 500 is approaching some key resistance levels so perhaps the scope for gains may be more limited now.
Elsewhere, the bond market continues to do some tinkering and we might only get a better sense of things after the US retail sales data tomorrow. As such, trading today could either be rather subdued or we may follow the risk momentum again. That looks to be the only focus point so far to start the new week.
Looking ahead, we will get UK jobs data and Germany ZEW survey but I wouldn't expect either to be major market movers in European morning trade.
0600 GMT - UK July claimant count change
0600 GMT - UK June ILO unemployment rate, employment change
0600 GMT - UK June average weekly earnings
0900 GMT - Eurozone June trade balance data
0900 GMT - Germany ZEW survey economic sentiment
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.
