Major currencies are still trading mostly flat, with smaller ranges remaining so far today. There will be another tentative session in Europe, with market players watching key US data this week. Here’s a look at the USD pairs and their daily ranges at the moment:
Looking ahead to the session ahead, UK labor market data will be the main thing to watch on the calendar. The unemployment rate is expected to rise again, which will be a concern for the Bank of England. The June reading is expected to come in at 4.5%. For some context, it was at 3.8% in December.
However, there are still some errors surrounding the data as the ONS struggles to revise its methodology. From last month: Issues still holding up labour market data conversion – ONS
However, with labour market conditions continuing to show signs of deterioration, this will be a driving factor for the Bank of England to want to cut interest rates.
0600 GMT – UK unemployment rate for June according to the ILO, employment change
0600 GMT – UK average weekly earnings for June
0600 GMT – UK July pay change
0700 GMT – Final CPI figures for July in Spain
0900 GMT – German ZEW Survey August – Current Conditions, Economic Sentiment
1000 GMT – NFIB US Small Business Optimism Index for July
That’s all for the upcoming session. I wish you all a great day ahead and good luck with your trading! Stay safe out there.
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