It hasn’t been a quiet summer for markets so far but the start of this week sort of embodies the typical summer lull that we have been accustomed to over the years. And we have an empty calendar day, more or less, to thank for that. Similar to yesterday, there won’t be any major releases of note in European trading.
And that will likely make for a slower session overall in the day ahead.
Equities were a big mover in Wall Street yesterday, with tech shares bouncing back after the poor run in the second half of last week. But we do have key earnings releases from Alphabet and Tesla after the close today. So, just be wary of that.
Besides that, the shove lower in USD/JPY yesterday is still largely holding while the antipodeans remain on the softer side amid a weaker yuan this week. Other major currencies aren’t offering too much so far but things should pick up in the days ahead at least.
PMI data will come into focus tomorrow alongside the BOC policy decision, before we move on to US Q2 GDP and weekly jobless claims on Thursday. We’ll then round things off with the US PCE price index on Friday.
This article was written by Justin Low at www.forexlive.com.
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