Forexlive European FX news wrap: Trump mulls a national emergency declaration for tariffs ...Middle East

US MBA mortgage applications w.e. 3 January -3.7% vs -12.6% priorTrump mulls a national emergency declaration to allow for new tariff program - reportCable turns lower on the week as dollar catches a bidThe bond market stays in focus with US jobs report eyedEurozone December final consumer confidence -14.5 vs -14.5 prelimEurozone November PPI +1.6% vs +1.5% m/m expectedEuropean indices seen more tepid at the open todayFrance November trade balance -€7.09 billion vs -€7.67 billion priorEurostoxx futures -0.4% in early European tradingGermany November retail sales -0.6% vs +0.5% m/m expectedGermany November industrial orders -5.4% vs 0.0% m/m expectedA couple of light releases to move things along in the session aheadChinese yuan slide continues on the weekFX option expiries for 8 January 10am New York cutJapan December consumer confidence 36.2 vs 36.4 prior

This sent the US Dollar higher and had a negative impact on risk assets with stocks paring gains and commodities falling. Will Trump deny this news as well later in the day? Keep an eye on that.

In the American session, we have Fed's Waller speaking and we get some US labour market data as we get the US ADP and the latest US Jobless Claims figures. We will conclude the day with the FOMC Meeting Minutes although as it usually the case, the release shouldn't change much for the markets.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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