FX keeps the calm ahead of busy calendar day in Europe

The dollar held a touch firmer to start the new week but is keeping little changed overall today. It’s still early of course but in Europe, the euro will be in focus amid a host of data releases to come. We’ll be getting Q2 preliminary GDP across the euro area alongside inflation data from Spain and Germany.

That will make for some interest, with traders pricing in ~68% odds of an ECB rate cut for September currently.

Besides that, broader markets will be eyeing major central bank decisions still to come later this week. The BOJ and Fed will feature tomorrow while the BOE will be on the agenda on Thursday.

Wall Street closed with a more tentative mood yesterday but US futures are slightly lower today. S&P 500 futures are down 0.3% as investors are keeping guarded ahead of key earnings releases during the week.

Later today, the big one to watch will be Microsoft after the market close. Other than that, AMD (after hours), PayPal (pre-market), Starbucks (after hours), BP (pre-market), and Rio Tinto (after hours) will also be reporting.

0530 GMT – France Q2 preliminary GDP figures0700 GMT – Spain Q2 preliminary GDP figures0700 GMT – Spain July preliminary CPI figures0700 GMT – Switzerland July KOF leading indicator index0800 GMT – Germany Q2 preliminary GDP figures0800 GMT – Italy Q2 preliminary GDP figures0900 GMT – Eurozone Q2 preliminary GDP figures0900 GMT – Eurozone July final consumer confidence0900 GMT – Eurozone July economic, industrial, services confidence1200 GMT – Germany July preliminary 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.

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