It hasn’t been a quiet summer for the markets so far, but the start of this week is somewhat of the typical summer lull we’ve become accustomed to over the years. We have a blank day on the calendar, or rather, we thank it for it. Similar to yesterday, there won’t be any major releases of note in European trading.
This is likely to lead to an overall slower session the next day.
Stocks were among the big movers on Wall Street yesterday, as tech stocks rebounded after a weak second half of last week. But we have major earnings releases from Alphabet and Tesla after the close today. So be careful.
Additionally, the USD/JPY decline seen yesterday is still largely holding while the Australian currencies remain on the weaker side amid the Yuan’s weakness this week. The other majors are not offering much so far but things are expected to improve in the coming days at least.
PMI data will be in focus tomorrow along with the Bank of Canada’s monetary policy decision, before we move on to US Q2 GDP and weekly jobless claims on Thursday. We then wrap things up with US PCE price index on Friday.
