Trade developments in focus to kick start the week ...Middle East

Trump hits the European Union (EU) with a 30% tariff, starting on August 1EU extends pause on US trade retaliation to allow more talks

At the same time, Mexico was also slapped with 30% tariffs. The main question now is, will this end up being another TACO situation? Only time will tell.

Trade headlines will remain paramount in assessing the broader market mood. But after the latest news with the EU, there shouldn't be any surprises left until we get to see how negotiations are panning out over the next two weeks.

In the days ahead though, the focus will turn back towards key US data to come.

And then on Wednesday, we'll have the US PPI report. And on Thursday, there will be the US retail sales and weekly initial jobless claims. So, there's plenty on the agenda.

This article was written by Justin Low at www.forexlive.com.

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