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Into US session: Dollar weakens further as Trump meets Putin

Entering US session, European majors are generally strong today, led by Swiss Franc, followed by Sterling. On the other hand, both Yen and Dollar are extending last week’s selloff. The financial markets are generally quiet though.

After some weaker than expected economic data, China SSE closed down -0.61% at 2814.04, holding safely above 2800. Hong Kong HSI was up 0.05%, Singapore Strait Times ended lower by -0.85%. Nikkei is on holiday.

Major European indices are also trading lower. FTSE is losing -1.02% at the time of writing, DAX is down -0.15%, CAC is down -0.40%.

Trump is meeting Putin in Helsinki now but we’re no expecting anything ground-breaking there. EU Tusk and Juncker, though, seemed to have done something positive with China earlier today. And they’ll travel to Japan tomorrow.

For the session ahead US retail sales is a major focus. Headline sales is expected to rise 0.4% mom in June, with ex-auto sales up 0.4%. Empire State Manufacturing index is expected to drop from 25 to 20.3 in July. Business inventories are expected to rise 0.4% in May. Canada will release International Securities Transactions.

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