Investinglive European FX news wrap: Markets hold steady, ISM Services in focus ...Middle East

What are the interest rates expectations for the major central banks?Eurozone June PPI +0.8% vs +0.8% m/m expectedEU says to expect some 'turbulence' in trade talks with the US moving forwardUK July final services PMI 51.8 vs 51.2 prelimEU says 15% tariff rate will also apply to cars and car partsEurozone July final services PMI 51.0 vs 51.2 prelimGermany July final services PMI 50.6 vs 50.1 prelimFrance July final services PMI 48.5 vs 49.7 prelimItaly July services PMI 52.3 vs 52.6 expectedSpain July services PMI 55.1 vs 52.5 expectedFX option expiries for 5 August 10am New York cutThe big boys might not feel the pinch of tariffs but everyone else isSeptember slowly becoming a given as Fed policymakers become more vocal on rate cuts

In the markets, we haven't seen much movement as traders might be waiting for the US ISM Services PMI release due at 10 am ET. The focus will likely be on the prices component. Fed's Daly dovish comments yesterday gave the stock market another boost as rate cuts are now the driving force and we will likely need a strong growth scare or very hot data to weigh on the sentiment.

We have also Trump speaking with CNBC's "Squawk Box" at the top of the hour where he will likely boast the achievements as usual, talk about the billions in revenue they are getting with tariffs, critizise Fed Chair Powell and so on.

This article was written by Giuseppe Dellamotta at investinglive.com.

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