Major currencies have mostly been little changed since Friday, with the dollar continuing to sit in a relatively decent position overall. EUR/USD is still in a tug of war around 1.0800, with the 200-day moving average at 1.0805 in focus. Stay below and sellers will maintain a more bearish bias, but stay above and buyers hold at least some hope.
The Aussie and Kiwi are slightly higher amid better risk sentiment in Asia, although US futures are not particularly enthusiastic. Chinese equities were the day’s biggest winners as investor confidence was bolstered by Beijing’s confidence-boosting measures. To me, this just buys time, as it does little to change the underlying pressures facing the broader Chinese economy. But hey, something is better than nothing, I guess.
As far as Europe is concerned today, the situation will probably be calm, with the United Kingdom on vacation. But just keep the Eurozone credit data in mind, as it should point to a further tightening of credit conditions, with broad money growth stagnant compared to a year ago.
08:00 GMT – Eurozone July M3 Money Supply
08:00 GMT – Total SNB sight deposits on August 25
That’s all for the upcoming session. I wish you good days ahead and good luck in your trading! Stay safe there.