Eurozone inflation on the agenda in the session ahead

Major currencies are settling in on the day, keeping little changed after the dollar faded a drop following the reaction to the FOMC meeting minutes yesterday. Stocks also saw gains reverse as the S&P 500 closed lower by 0.7% and backing further away from key resistance via its 200-day moving average:

The aussie was in focus today after a big miss from the jobs report earlier here but overall, it isn’t much changed on the day after the retreat below 0.7000 yesterday against the dollar. AUD/USD is down just 4 pips on the day to 0.6928 at the moment.

The ranges for major currencies are rather narrow with the mood in equities also looking tepid still. US futures are down 0.1% while the bond market is still lacking a spark on the week. That might make for a bit more of a continuation of the trading sentiment in the last few days, one without much firm direction in the big picture.

Looking ahead, we have euro area final CPI figures for July but that won’t tell us much that we don’t already know i.e. inflation pressures are staying heightened in the region.

0600 GMT – Switzerland July trade balance data
0900 GMT – Eurozone July final CPI figures

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.