Major currencies are mostly little changed since Friday with the dollar continuing to sit in a relatively decent spot overall. EUR/USD is still caught in a tug of war in and around 1.0800 with the 200-day moving average at 1.0805 in focus. Keep below and sellers will maintain a more bearish bias but hold above and buyers are still at least holding out some hope.
The aussie and kiwi are mildly higher amid a better risk mood in Asia, though US futures aren’t really too enthused. Chinese equities are the main gainers so far on the day as investor confidence is boosted as Beijing takes some action to bolster sentiment. To me, this is just buying some time as it does little to change the underlying pressures faced by the Chinese economy in general. But hey, something is better than nothing I guess.
Looking to Europe today, it’ll likely be a quiet one with UK on holiday. But just be mindful of euro area credit data as it should highlight a further tightening in credit conditions with broad money growth running to a stall compared to a year ago.
0800 GMT – Eurozone July M3 money supply
0800 GMT – SNB total sight deposits w.e. 25 August
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.
Source : For Live