Sample Category Title

EUR/USD

Current level - 1.1561

The failure at 1.1640 led to a new downmove and the outlook is bearish below 1.1600, for a dip to 1.1485 and even 1.1440. The latter should provide a reliable base for another upswing on the senior frames, towards 1.1830.

USD/JPY

Current level - 110.99

The bias is positive, for a rise towards 111.80, en route to 112.60.

GBP/USD

Current level - 1.2934

Intraday allow a dip to 1.2800 area, before bouncing back to 1.304, en route to 1.3250.

The US dollar has moved back towards the 111.00 level against the Japanese yen currency, after Friday's strong US jobs number caused a renewed bid in the greenback. The USDJPY pair has once again entered back into range bound trading conditions and lacks a clear directional bias. Sellers need to break the 110.73 support level, while buyers need to move the price back above the 111.25 resistance level.

The USDJPY pair is only intraday bearish while trading below the 110.73 level, key support is then found at the 110.37 and 110.10 levels.

If the USDJPY pair moves above the 111.25 level, key resistance is found at the 111.75 and 112.05 levels.

The British pound has fallen from key resistance against the US dollar after economic data from the United Kingdom economy provided a mixed picture. The GBPUSD pair had been steadily rising during the European trading session, as the greenback started to turn lower. Sellers need a sustained break of the 1.2900 support level, while buyers will need to hold price above the 1.2955 resistance level.

The GBPUSD pair is only bearish while trading below the 1.2900 level, key support is found at the 1.2863 and 1.2802 levels.

If the GBPUSD pair moves above the 1.2955 level, buyers are likely to target the 1.2985 and 1.3040 resistance levels.

Gold holds below the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, signaling further losses. In the short-term though, the market appears to be in a largely neutral mode after the fall below the 1207 hurdle. The RSI is largely moving sideways below the 50 level. Notice though that the MACD has dropped below its trigger and zero lines; the decline below the trigger line may signal a fresh wave of negative momentum.

If price action jumps above the SMAs, there is scope to test the 1207 resistance level, taken from the high on September 6. Clearing this key level could see additional gains towards the 1214.15 barrier, identified by the August 28 peak.

On the flipside, if the precious metal dips below the 1190 key level, then the focus would shift towards the 1183 support level, identified by the low on August 24. If this level is breached, it would increase downside pressure and bring about a continuation of the bearish tendency. From here, the precious metal would be on the path towards the 1172 low.

To conclude, in the bigger picture, the price has been developing in bearish mode since the pullback on the 1365 resistance barrier.

Entering into US session, Australian Dollar is the strongest for the day, but it's Euro that's actually got some momentum. Or, actually, it's Swiss Franc's weakness that's the theme while Euro is a main beneficiary. Canadian Dollar is trading as the second weakest one for today.

Economic data released from UK and Eurozone were largely ignored. Sterling didn't get much lift from GDP which strong the strongest 3-month growth in nearly a year. Instead, easing concerns over Italy's budget was the main driver. At the time of writing, Italian 10 year yield is down -0.124 at 2.921, back below 3.000. German 10 year bund yield is up 0.012 at 0.403, above above 0.400. That's seen as that main factor driving funds out of safe haven Franc, back to Euro.

Elsewhere, European stock indices also pare back some of last week's losses. FTSE is up 0.38%, DAX up 0.41% and CAC up 0.53%. Asian markets clearly under performed with China SSE lost -1.21% to 2669.48, Hong Kong HSI dropped -1.33% to 26613.42, Singapore Strait Times fell -0.43% to 3120.92. Raising trade tension between US and the rest of the world is weighing down sentiments. But Japanese Nikkei buck the trend and gained 0.30% even though Japan is clearly Trump's next target.

Gold continues to consolidate below 1214.30 but is held comfortably above key near term support at 1182.9.

The EUR/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.16212
Open: 1.15490
% chg. over the last day: -0.59
Day's range: 1.15259 – 1.15641
52 wk range: 1.0571 – 1.2557

On Friday, the US dollar strengthened against currency majors. A positive report on the US labor market for August supported the US currency. The EUR/USD currency pair decreased by more than 70 points. At the moment, the quotes are consolidating in the range of 1.15300-1.15650. We recommend opening positions from these marks. The trading instrument has the potential for further reduce.

Today, the publication of important economic reports from the US and the Eurozone is not planned. We recommend monitoring current information regarding the trade conflict between the US and China.

The price has fixed below 50 MA and 200 MA, which indicates the power of sellers.

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell EUR/USD.

Stochastic Oscillator is located in the neutral zone,the %K is above the %D line, which indicates the bullish sentiment.

Trading recommendations

Support levels: 1.15300, 1.15000
Resistance levels: 1.15650, 1.16000, 1.16500

If the price fixes below the local support of 1.15300, the EUR/USD quotes are expected to fall further. The movement is tending to 1.15000-1.14750.

Alternative option. If the price fixes above 1.15650, it is necessary to consider purchases of EUR/USD. The movement is tending to 1.16000-1.16250.

The GBP/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.29254
Open: 1.29205
% chg. over the last day: -0.06
Day's range: 1.28968 – 1.29317
52 wk range: 1.2361 – 1.4345

On Friday, trading on the GBP/USD currency pair was very active. At the same time, a unidirectional The news feed on the UK economy on 2018.09.10:trend was not observed. At the moment, GBP/USD quotes are consolidating. The technical pattern is ambiguous. Local support and resistance levels are 1.29000 and 1.29350, respectively. Investors expect important economic reports from the UK. We recommend opening positions from the key levels.

GDP data at 11:30 (GMT+3:00);

Manufacturing production at 11:30 (GMT+3:00).

Indicators do not send accurate signals: 50 MA has crossed 200 MA.

The MACD histogram has moved into the negative zone, which signals the power of sellers.

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.

Trading recommendations

Support levels: 1.29000, 1.28700, 1.28250
Resistance levels: 1.29350, 1.29700, 1.30000

If the price fixes below the round level of 1.29000, it is necessary to consider sales of GBP/USD. The movement is tending to 1.28700-1.28400.

Alternative option. If the price fixes above the local resistance of 1.29350, we recommend considering purchases of GBP/USD. The movement is tending to 1.29700-1.30000.

The USD/CAD currency pair

Technical indicators of the currency pair:

Prev Open: 1.31369
Open: 1.31566
% chg. over the last day: +0.12
Day's range: 1.31566 – 1.31978
52 wk range: 1.2059 – 1.3795

The technical pattern on the USD/CAD currency pair is ambiguous. The trading instrument is moving in flat. A unidirectional trend is not observed. On Friday, September 7, Canada published a weak labor statistics. At the moment, the key support and resistance levels are 1.31600 and 1.32000, respectively. We recommend opening positions from these marks.

Today, the news feed on the economy of Canada is calm.

The price has fixed above 50 MA and 200 MA, which signals the power of buyers.

The MACD histogram is in the positive zone and above the signal line, which indicates the bullish sentiment.

Stochastic Oscillator has started moving out the overbought zone, the %K line is below the %D line, which gives a signal to sell USD/CAD.

Trading recommendations

Support levels: 1.31600, 1.31150, 1.30700
Resistance levels: 1.32000, 1.32500

If the price fixes above the round level of 1.32000, further growth of the USD/CAD currency pair is expected. The movement is tending to 1.32250-1.32500.

Alternative option. If the price fixes below 1.31600, it is necessary to consider sales of USD/CAD. The target level for profit-taking is 1.31200-1.31000.

The USD/JPY currency pair

Technical indicators of the currency pair:

Prev Open: 110.740
Open: 111.042
% chg. over the last day: +0.30
Day's range: 110.849 – 111.085
52 wk range: 104.56 – 114.74

The USD/JPY currency pair is consolidating. The technical pattern is ambiguous. The trading instrument is testing local support and resistance levels: 110.900 and 111.100, respectively. The positions should be opened from these marks. We recommend paying attention to the US government bonds yield.

Positive data on GDP of Japan have been published during the Asian trading session.

Indicators do not send accurate signals: the price has fixed between 50 MA and 200 MA.

The MACD histogram is near 0 mark.

Stochastic Oscillator is located in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations

Support levels: 110.900, 110.750, 110.500
Resistance levels: 111.100, 111.300, 111.500

If the price fixes below the support level of 110.900, the USD/JPY quotes are expected to fall. The movement is tending potential to 110.700-110.500.

Alternative option. If the price fixes above 111.100, it is necessary to consider purchases of USD/JPY. The movement is tending to 111.300-111.500.

Turkish lira came under pressure again on Monday, after brief recovery attempts gave little results and were contained by the lower boundary of triangular consolidation under new record high at 7.1074. The dollar is firmer after solid US jobs data as well as safe-haven buying on fears of escalation of US-China trade conflict. On the other side, lira remains under strong pressure on turmoil in emerging markets, but weakening Turkish economy and CBRT’s failure to tackle double-digit inflation, was one of the key factors. Central bank’s policy meeting is due later this week and is the key event. However, markets expect little help for falling lira from the central bank’s action in both cases, whether it opts for expected 425 basis points hike or reacts inadequately. The damage to lira has been already done and there is a tough work for the central bank to attempt to stabilize falling currency, which would require stronger rate hike. The outlook for lira remains grim and scenario of further weakness into uncharted territory could be likely scenario. CBRT’s policy meeting on 13 September is expected to give more clues.

Res: 6.5290, 6.6900, 6.7224, 6.8379
Sup: 6.3747, 6.3000, 6.2582, 6.0204

Monday September 10: Five things the markets are talking about

Trade talks, tariffs threats, EM contagion fears and central bank decisions are dominating asset price moves this month.

Add geopolitical risks and U.S impeachment possibilities, market volatility is expected to remain elevated for some time.

Global equities are trading mixed, with Euro stocks drifting while U.S futures are a tad higher after losses in Asia as the market continues to weigh the possibility of escalation of a Sino-U.S trade war.

The ‘big’ dollar has extended last week’s gains, while U.S yields have come under pressure again. In commodities, oil has rebounded from its biggest weekly loss in two-months on speculation of a crude-supply shortage.

Elsewhere, the Swedish Krona (€10.4565) has edged higher after yesterday’s inconclusive general election – neither the Social Democrat-led nor the opposition Alliance bloc won enough votes to form a majority government.

On the central bank front, the Bank of England (BoE) and European Central Bank (ECB) will dominate proceedings this week (Sept 13), while the Fed will release its Beige Book in preparation for its FOMC meet later this month. Japan will publish its revised Q2 GDP.

On tap: U.K GDP & manufacturing production (Sept 10), U.S PPI & AUD employment (Sept 12), ECB & BoE monetary policy announcement (Sept 13) and U.S retail sales (Sept 14)

1. Stocks mixed results

A sell-off in Chinese stocks pushed a number of Asian bourses to a 14-month trough this morning as the market braces itself for a potential escalation in the Sino-U.S tariff row.

However, there were a few exceptions. In Japan, the Nikkei share average snapped a six-day losing streak after robust revised GDP data trumped trade war worries. The Nikkei share average rose +0.30%, while the broader Topix gained +0.20%.

Down-under, Aussie shares ended flat as health care, energy gains were offset by financials and materials losses. The S&P/ASX 200 index fell -0.03% at the close of trade, its eighth straight session of losses. The benchmark declined -0.3% on Friday. In S. Korea, stocks ended a three-day losing streak. The Kospi edged higher and was up +0.31%.

In Hong Kong, equities ended lower as the market braces for trade war escalation. The Hang Seng index ended down -1.3%, while the China Enterprises Index lost -1.2%.

In China, stocks ended lower on new tariff threats as Apple suppliers were hit by another Trump tweet. At the close, the Shanghai Composite Index was down -1.2%, while the blue-chip CSI300 index was down -1.45%.

In Europe, regional bourses trade higher, tracking U.S futures higher after a weaker session in Asia. In Particular, Italy is outperforming after Italian Finance Minister said that Italy would improve its budget balance.

U.S stocks are set to open deep in the ‘black’ (+0.4%).

Indices: Stoxx600 +0.3% at 374.90, FTSE +0.1% 7285, DAX 0% at 11961, CAC-40 +0.2% at 5260, IBEX-35 +0.6% at 9223, FTSE MIB +1.8% at 20816, SMI +0.8% at 8909, S&P 500 Futures +0.4%

2. Oil higher as U.S drilling stalls and Iranian sanctions bite

Oil prices have rallied overnight as data shows that U.S drilling stalled and as investors anticipated lower supply once new Iranian sanctions kick-in from November.

Brent crude oil has rallied +$1.09 a barrel, or +1.4%, to +$77.92, while U.S light crude is +7c higher at +$68.45.

Data from Baker Hughes on Friday showed that U.S drillers cut two oilrigs last week, bringing the total count to 860.

Note: The number of rigs drilling for oil in the U.S has stalled in the last four months, which suggests an increase in well productivity.

Outside the U.S, Iranian crude oil exports are declining ahead of a November deadline for the implementation of new U.S. sanctions.

Ahead of the U.S open, gold prices have fallen further on Fed rate hike views and as Sino-U.S trade war worries supports the ‘big’ dollar. Spot gold is down -0.2% at +$1,193.15, having declined -0.4% in Friday’s session. U.S gold futures fell -0.2% to +$1,198.60 an ounce.

3. BTP/Bund yields tighten

The gap between Italian and German 10-year borrowing costs is at its tightest in six-weeks, after Italy’s Economy Minister Giovanni Tria predicted yields would drop as the government laid out its budget for 2019.

Tria said yesterday that Italian bond yields would fall as the new government began to implement policies to boost the economy with prudent fiscal measures.

Note: Italian debt rallied this month after the government indicated that Italy’s upcoming budget would stay within E.U fiscal rules.

Italian yields are down -11 to -16 bps across the curve.

The BTP/BUND 10-year bond yield spread has tightened to +234.1 bps, its tightest level in six-weeks, and -55 bps below last week’s widest levels.

Elsewhere, the yield on 10-year Treasuries fell -1 bps to +2.93%.

4. Dollar in demand on pullbacks

Global trade tensions sees the USD in demand on pullbacks as President Trump tweeted that the U.S has more potential tariffs against China in the works if needed.

EUR/USD (€1.1583) off its worst level as Italian official continued their pacifying comments on the 2019 budget. Techies note that €1.1750 remains the key resistance for now.

On the emerging market front, currency pairs again remain on the defensive. USD/INR hit a fresh record high at $72.68 that prompted India to perform some verbal intervention. The rupee weakness is attributed to the release of the Q2 current account balance that recorded its widest deficit in five-years.

5. U.K economy accelerated in July

Data this morning showed that economic growth in the U.K accelerated in July, as warm weather powered consumer spending and construction.

According to the ONS, the U.K economy expanded +0.3% on month in July – a faster pace than the +0.1% monthly expansion recorded in June.

Note: Growth in the three-months through July was +0.6% compared with the previous three-months, or +2.4% on an annualized basis.

The data would suggest that the U.K economy is set for another quarter of growth despite little progress in Brexit negotiations.

Digging deeper, ONS data showed that the U.K’s goods trade deficit with the rest of the world narrowed in July, to +£10B from +£10.7B in June, as exports grew faster than imports.

Notes/Observations

• Trade tensions continue to remain in focus
• Emerging market currencies with large current account deficits remain under pressure; India resorts to verbal intervention to curb Rupee weakness
• Norway Aug CPI data confirms looming Sept rate hike by Norges (would be 1st since 2011)
• Sweden parliamentary elections produce a deadlock (as anticipated)

Asia:

• China Aug Trade Balance: $27.9B v $31.0Be; Trade Surplus with the US $31.1B (record high) v $28.1B m/m (v $26.2B y/y)
• China Aug CPI hits highest level since Feb (YoY: 2.3%vV 2.1%e
• China: State Council Committee on Financial Stability met on Sept 7th: To fend off 'Black Swan' events; to fine-tune monetary policy in 'pre-emptive' way
• Japan Q2 Final GDP registers its fastest growth since 2016 (Annualized QoQ: 3.0% v 2.6%e)
• Bank of Korea (BoK) said to consider cutting its 2018 GDP growth forecast (currently 2.9%)
• Philippines Central Bank (BSP) said to be considering a possible extraordinary policy meeting later in Sept to address inflation and declining peso (PHP) currency

Europe:

• EU said to be prepared to tell EU Chief Brexit Negotiator Barnier to 'zero in' on Brexit deal, preparing new instructions to help close the Brexit deal. New instructions to help close a deal with Britain in a conciliatory move that will bolster PM May. An informal summit in Salzburg this month between the EU 27 is emerging as one of the most significant Brexit discussions since the bloc first set its strategy for talks
• Sweden Early Election Results shows the country faced political deadlock with ruling center-left Social Democrats and Greens and their Left Party parliamentary allies winning 40.6 percent of the vote; Opposition center-right Alliance were seen at 40.1 percent and Anti-Immigration Democrats seen winning 16.3% of vote
• Sweden PM Lofven: Election result is still uncertain: to continue as PM until parliament vote, to await the final election outcome before making decisions
• Sweden Centre-right Moderates Leader Kristersson stated that PM Lofven now needed to step down, the Centre-left government should resign . Would now discuss with alliance partners how to form a new government
• Greece PM Tsipras said the country will not need to cut pensions or raise taxes as planned, cites the government beating its budget targets; rules out snap election
• South Africa' ANC party said to reject reports of party officials' plot to oust President Ramaphosa

Americas:

• President Trump said there were another $267B in China tariffs that could be launched on short notice, in addition to the latest $200B of potential tariffs.
• Federal Reserve said to considers a new tool to avert crises. Fed has two tools for dealing with financial bubbles with one tool that includes regulation.

Energy:

• Weekly Baker Hughes US Rig Count: 1,048 v 1,048 w/w (flat w/w)
• Iraq oil Min Al-Luaibi: Situation in south was improving (refers to protests), no worries about oil production in the country; Iraq was producing 4.36M bpd, capacity could reach 4.75M bpd
• National Hurricane Center (NHC): Tropical Storm Florence is expected expected to strengthen to a hurricane tonight and make landfall in the Carolinas by Thursday as a Major Hurricane

Economic Data:

• (NO) Norway Aug CPI M/M: -0.4% v -0.5%e; Y/Y: 3.4% v 3.2%e
• (NO) Norway Aug CPI Underlying M/M: -0.5% v -0.7%e; Y/Y: 1.9% v 1.7%e
• (NO) Norway Aug PPI including Oil M/M: 0.6 v 1.1% prior; Y/Y: 22.8% v 22.6% prior
• (DK) Denmark July Current Account (DKK): 14.4 v 11.0B prior; Trade Balance: 7.4B v 7.4B prior
• (DK) Denmark Aug CPI M/M: -0.4% v -0.3%e; Y/Y: 1.0% v 1.1%e
• (DK) Denmark Aug CPI EU Harmonized M/M: -0.5% v -0.4%e; Y/Y: 0.8% v 0.9%e
• (FI) Finland July Industrial Production M/M: -1.1% v +1.6% prior; Y/Y: 3.3% v 5.8% prior
• (FR) Bank of France (Industrial) Sentiment: 103 v 102e
• (SE) Sweden Sept Housing Price Indicator: 33 v 26 prior
• (CZ) Czech Aug CPI M/M: 0.1% v 0.0%e; Y/Y: 2.5% v 2.4%e
• (CZ) Czech Aug Unemployment Rate: 3.1% v 3.0%e
• (TR) Turkey Q2 GDP Q/Q: 0.9% v 0.5%e; Y/Y: 5.2% v 5.3%e
• (SE) Sweden July Household Consumption M/M: -2.1% v -0.3% prior; Y/Y: -0.1% v +2.9% prior
• (CH) SNB Total Sight Deposits for Week Ended Sept 7th (CHF): 576.5B v 576.2B prior
• (EU) Euro Zone Sept Sentix Investor Confidence:12.0 v 14.3e
• (UK) July GDP M/M: 0.3% v 0.1%e; 3M/3M: 0.6% v 0.4% prior
• (UK) July Industrial Production M/M: 0.1% v 0.2%e; Y/Y: 0.9% v 1.1%e
• (UK) July Manufacturing Production M/M: -0.2% v +0.2%e; Y/Y: 1.1% v 1.4%e
• (UK) July Construction Output M/M: +0.5% v -0.5%e; Y/Y: 3.5% v 2.6%e
• (UK) July Visible Trade Balance: -£10.0B v -£11.7Be; Overall Trade Balance: -£0.1B v -£2.1Be; Trade Balance Non EU: -£2.8B v -£3.3Be
• (UK) July Index of Services M/M: 0.3% v 0.5%e; 3M/3M: 0.6% v 0.2%e
• (GR) Greece July Industrial Production Y/Y: 1.9% v 1.2% prior
• (GR) Greece Aug CPI Y/Y: 1.0% v 0.9% prior; CPI EU Harmonized Y/Y: 0.9% v 0.8% prior

Fixed Income Issuance:

• None seen

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities

• Indices [Stoxx600 +0.3% at 374.90, FTSE +0.1% 7285, DAX 0% at 11961, CAC-40 +0.2% at 5260, IBEX-35 +0.6% at 9223, FTSE MIB +1.8% at 20816, SMI +0.8% at 8909, S&P 500 Futures +0.4%]
• Market Focal Points/Key Themes: European Indices trade higher this morning coming off earlier lows tracking US futures higher after a weaker session in Asia. Italy outperforms after Italian Finance Minister said that Italy will improve its budget balance. On the corporate front ABF trades lower following a trading update, while Richement trades higher after 10% rise in sales. RPC rises sharply after confirmation of prelim talks with Bain Capital; Debenhams declines after a possible restructuring plan. Looking ahead notable earners include Destination Maternity and Hovonian Enterprises.

Movers

• Consumer Discretionary Debenhams [DEB.UK] -15% (Hired KPMG to put together contingency measures or possible restructuring plan), ABF [ABF.UK] -2% (Earnings), Richement -1.4% (Earnings)
• Industrials RPC [RPC.UK] +21% (Confirms prelim talks with Apollo
• Financials Allied Minds [ALM.UK] +8% (Federated wireless update)
• Healthcare Abcam [ABC.UK] -16.5% (Earnings)

Speakers

• France Fin Min Le Maire: 2018 Budget deficit to GDP at 2.6%. Domestic growth was solid but could be better. Saw the rise in French inflation seen as temporary
• Turkey Fin Min Albayrak: Main targets remain fighting inflation and reducing the current account deficit
• India Finance Ministry official: Govt is concerned about INR currency (Rupee) decline; markets should not panic as RBI will intervene when necessary
• Indonesia Finance Ministry official Marbun: Drafting policy to attract more local bond investors
• China Foreign Ministry reiterated stance that would respond if US take any new steps on trade

Currencies

• Trade tensions keeping the USD on firm footing as President Trump noted that the US has more potential tariffs against China in the works if needed.
• EUR/USD off its worst level as Italian official continued conciliatory comments on the 2019 budget. Dealers noted that the 1.1750 area remains key resistance now.
• Emerging market FX remained on the defensive. USD/INR hit a fresh record high at 72.68 that prompted India to perform some verbal intervention. The rupee weakness attributed to the release of the Q2 current account balance for India that registered its widest deficit in 5 years.

Fixed Income

• Bund Futures trades at 159.65 down 30 ticks with the focus on Thursday's ECB meeting. Resistance moves to 161.82 then 163. A downside break of 159.85 sees 158.69 initially.
• Gilt futures trades at 121.85 down 30 ticks following the move in Treasuries. Continued support at 122.50, with a continued move higher targeting 123.93 then 124.00.
• Friday 's liquidity report showed Thursday's excess liquidity rose from €1.916T to €1.921T. Use of the marginal lending facility fell from €40M to €35M.
• Corporate issuance saw high grade issuers raise $57B in the primary market last week.

Looking Ahead

• (IE) Ireland Debt Agency (NTMA) announcement for Sept 13th auction
• (BE) Belgium Debt Agency (BDA) announcement for OLO bond auction for Sept 17th
• (IT) Italy Debt Agency (Tesoro) announcement for BTP auction for Sept 13th
• 05:30 (DE) Germany to sell €2.0B in 6-Month BuBills
• 05:30 (NL) Netherlands Debt Agency (DSTA) to sell 6-month Bills
• 06:00 (PT) Portugal July Trade Balance: No est v -€1.7B prior
• 06:45 (US) Daily Libor Fixing
• 07:00 (CZ) Czech Central Bank to comment on CPI data
• 07:25 (BR) Brazil Central Bank Weekly Economists Survey
• 07:30 (TR) Turkey Sept Central Bank TCMB Survey of Expectations
• 08:00 (IN) India announces details of upcoming bond sale (held on Fridays)
• 08:00 (ES) Spain Debt Agency (Tesoro) announces size of upcoming auctions
• 08:05 (UK) Baltic Dry Bulk Index
• 08:55 (FR) France Debt Agency (AFT) to sell combined €4.4-5.6B in 3-month, 6-month, 9-month and 12-month BTF Bills
• 09:30 (EU) ECB announces Covered-Bond Purchases
• 09:35 (EU) ECB calls for bids in 7-Day Main Refinancing Tender
• 11:30 (US) Treasury to sell 3-month and 6-month Bills
• 12:00 (US) Fed's Bostic (dove, voter) discusses Economic Outlook
• 15:00 (US) July Consumer Credit: $14.4Be v $10.2Bprior
• 16:00 (US) Weekly Crop Progress Report
• (MX) Mexico Aug Nominal Wages: No est v 5.7% prior

The European Single Currency depreciated 1.06% since Friday's trading session. The currency rate passed the monthly pivot point at the 1.1546 mark during Monday morning hours.

The EUR/USD should move upwards to the weekly PP at the 1.1581 and bounce off it to move downwards to stay at the 1.1550 level during the trading day. The support of the monthly PP at the 1.1546 should support the movement for the currency.

In another scenario, the European Single Currency might pass the weekly PP at the 1.1581 to surge to the simple moving averages.