Headlines:
EU is "working non-stop" to strike an agreement with the US - von der LeyenMalaysia says have invited Trump to attend ASEAN and East Asia summits in OctoberChina reaffirms that it opposes politicising economic and trade issuesECB's Villeroy: Growth is slow, but positive in FranceGermany June final CPI +2.0% vs +2.0% y/y prelimItaly industrial production -0.9% vs +0.2% expectedOPEC+ discusses pausing output hikes from OctoberOPEC slashes global oil demand forecasts for the coming years in latest outlook reportMarkets:
It was another quiet session as the summer lull starts to kick into gear in trading this week.
There wasn't any real action of note in the FX space with the dollar keeping steadier once more awaiting further trade developments.
EUR/USD continues to hold just above 1.1700, with large option expiries at the figure level still keeping price action rangebound. Meanwhile, USD/JPY did little and moved around 146.20-40 levels with little incentive to break free as Treasury yields were also more muted.
Against the commodity currencies, the dollar was also lightly changed with USD/CAD flattish at 1.3687 and AUD/USD up just 0.2% to 0.6550 on the day.
In other markets, European indices tried to carry the more positive mood from earlier this week with modest gains at the open. That has largely fizzled though, but the DAX is still hovering near fresh record highs alongside the UK FTSE. US futures are more muted after the gains yesterday, led by tech shares, with S&P 500 futures now flat ahead of the Wall Street open.
There was a bit of OPEC news late on, weighing on oil prices a little after a bit of a whipsaw. WTI crude is down around 1% to $67.65 but hasn't really broken stride from price action this week. The 200-day moving average at $68.37 is a key technical resistance point limiting gains as well for now.
Coming up, we have the US weekly jobless claims on the agenda before sifting through more trade/tariff headlines later in the day.
This article was written by Justin Low at www.forexlive.com. Read More Details
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