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GBPCHF recorded an aggressive bearish rally following the pullback on the 1.3270 resistance level, posting a five-month low of 1.2886 on Monday. Since the previous week, the pair is on the backfoot and the technical indicators suggest that the marker could ease further in the short-term.

The negative bias in the near term is supported by the deterioration in the momentum indicators. The %K line of the stochastic oscillator has fallen sharply into oversold levels, while the RSI and the MACD are strengthening their negative movement in the bearish areas.

If prices continue to head lower, support should come from the 1.2860 level before heading towards the 50.0% Fibonacci retracement level taken from the upleg from 1.1703 to 1.3855, around 1.2776. A drop below this level could find immediate support at 1.2745, which stands near the long-term ascending trend line.

However, should an upside reversal take form, immediate resistance will likely come from the 38.2% Fibonacci retracement level near 1.3032. A break above this area could shift the bias back to a bullish one, with the next resistance coming from the 40- and then the 20-simple moving averages (SMAs) at 1.3100 and 1.3234 respectively.

Looking at the longer timeframe, the pair has been developing within an upward movement since October 2016, but now is creating a bearish correction.

Daily Pivots: (S1) 110.95; (P) 111.41; (R1) 111.72; More...

Intraday bias in USD/JPY is turned neutral with today's recovery. Overall outlook is unchanged that corrective pattern from 113.17 is still unfolding. In case of another fall, we'd expect strong support from 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound. On the upside, above 112.14 will target a test on 113.17 high.

In the bigger picture, corrective fall from 118.65 (2016 high) should have completed with three waves down to 104.62. Decisive break of 114.73 resistance will likely resume whole rally from 98.97 (2016 low) to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is reasonably close to 125.85 (2015 high). This will stay as the preferred case as long as 109.36 support holds.

Daily Pivots: (S1) 0.9922; (P) 0.9944; (R1) 0.9967; More...

USD/CHF rises to as high as 0.9975 so far today. Breach of 0.9977 resistance suggests that the pull back from 1.0067 has completed at 0.9866 already. Intraday bias is back on the upside for retesting 1.0067 first. Decisive break there will resume larger rally from 0.9186. However, break of 0.9920 minor support will turn bias to the downside, to bring another decline to extend the consolidation pattern from 1.0056.

In the bigger picture, current development suggests that the consolidation pattern from 1.0056 is extending with another leg. As long as 38.2% retracement of 0.9186 to 1.0056 at 0.9724 holds, we'd expect rise from 0.9186 to resume at a later stage to retest 1.0342 key resistance (2016 high). However, sustained break of 0.9724 fibonacci level will bring deeper fall, as another declining leg in the long term range pattern.

Daily Pivots: (S1) 1.1549; (P) 1.1580 (R1) 1.1599; More.....

EUR/USD's fall continues today and reaches as low as 1.1529 so far. Intraday bias stays on the downside for 1.1507 key support level. Decisive break there will resume larger down trend from 1.2555 through retracement of 1.0339 to 1.2555 at 1.1447. On the upside, however, above 1.1610 minor resistance will delay the bearish case and extend the consolidation from 1.1509 with another rebound instead.

In the bigger picture, EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. And, a medium term top was formed at 1.2555 already. Decline from there should extend further to 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and below. For now, even in case of rebound, we won't consider the fall from 1.2555 as finished as long as 1.1995 resistance holds.

Daily Pivots: (S1) 1.2970; (P) 1.3007; (R1) 1.3039; More...

GBP/USD drops to as low as 1.2919 today and the break of 1.2956 low confirms down trend resumption. The decline from 1.4376 should target 1.2874 fibonacci level next. On the upside, above 1.2998 minor resistance will turn intraday bias neutral first. But in case of recovery, upside should be limited below 1.3212 resistance to bring fall resumption.

In the bigger picture, whole medium term rebound from 1.1946 (2016 low) should have completed at 1.4376 already, after rejection from 55 month EMA (now at 1.4141). Fall from 1.4376 should extend to 61.8% retracement of 1.1946 (2016 low) to 1.4376 at 1.2874 next. Decisive break of 1.2874 will raise the chance of long term down trend resumption through 1.1946 low. On the upside, break of 1.3212 resistance is needed to be the first indication of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.

Sterling is trading as the weakest major currency today as the talks on no-deal Brexit heat up. UK Prime Minister Theresa May's spokesman tried to tone down the risks but the markets simply don't listen. Swiss Franc follows as the second weakest as major European indices rebound. in early trading. But the Franc could make a come back as European stocks struggle to extend gain and reverse. On the other hand, Dollar continues to benefit from trade war and is the best performer for today so far. In particular, USD/CNH (offshore Yuan) found its footing and is back above 6.86. Australian Dollar follows as the second strongest but that's mainly because it's cautiously awaiting tomorrow's RBA rate decision. Yen is the third strongest one.

Technically, GBP/USD takes the lead and breaks 1.2956 support today. Larger decline from April high at 1.4376 has resumed. EUR/USD is heading to equivalent support at 1.1507 and break should confirm resumption of down trend from 1.2555 (February's high). USD/CHF's break of 0.9977 minor resistance now aligns with EUR/USD and GBP/USD. Further rise would be seen back to 1.0067 resistance.

Sterling trades broadly lower today on worry of no-deal Brexit

Prime Minister Theresa May's spokesman tried to tone it down and said "We continue to believe that a deal is the most likely outcome because reaching a good deal is not only in the interests of the UK, it is in the interests of the EU and its 27 members." Nonetheless, the spokesman also said that Fox is right to said there is risk of a no-deal. Meanwhile, the government is prepared for "all eventualities.

UK Trade Minister Liam Fox said in an interview with the Sunday Times that he saw "not much more than 60-40" chance of a no-deal Brexit. And he put the blame on EU as the "intransigence of the (European) commission is pushing us towards no deal." He also warned that if EU chooses "theological obsessions of the unelected" over "economic wellbeing of the people", then it's a "bureaucrats' Brexit, not a people's Brexit". He went further and said it's up to EU to choose "ideological purity" or "real economies:"

According to a poll of FTSE 350 businesses by ICSA: The Governance institute, 55% of respondents predict a decline in the UK economy in the next 12 months. While it's an improvement over 69% in Winter 2017, it's still overwhelming pessimistic. Peter Swabey, Policy and Research Director at ICSA, said "it is hard to see any other reason for continuing pessimism over the economy other than the ongoing Government infighting over Brexit and the lack of a clear plan if there is no deal at the end of the negotiations".

Separately, Iain Wright, the ICAEW director of corporate and regional engagement also said "With the increase in the regulatory burden along with the uncertainty with Brexit, global trade disputes and weak economic data, it is not surprising that confidence is so fragile." He referred to the survey of chartered accountants which showed business confidence fell significantly over the past three months. And, "the lack of clarity for UK plc has continued for far too long and, without significant action by government, the fragility in confidence will be prolonged. Businesses are fast running out of time to get prepared and are rightly anxious about an expected further wave of regulation, dampening confidence and impacting upon growth."

Eurozone Sentix Investor Confidence rose to 14.7, all-clear in trade dispute with US

Eurozone Sentix Investor Confidence rose solidly to 14.7 in August, up from 12.1 and beat expectation of 12.8. Current situation index rose from 36.8 to 33. Expectations index also improved from -10.0 to -5.8. Sentix noted that the indices "reflect less the danger of a general turnaround". Instead, they point to a "cooling of phase". Also, the data "reflect a certain all-clear in the trade dispute with the US after EU Commission President Juncker succeeded in preventing a further intensification of the conflict in negotiations with US President Trump."

Germany is a beneficiary of the diminishing fear of a trade war. Its overall Sentix index rose from 16.2 to 20.4, with current situation index up from 51.3 to 54.8, expectations index up from -14.0 to -9.3. US overall index climbed from 18.6 to 25.6, highest since March. The US current situation index rose from 53.8 to 62.8 and hit an all time high. Expectations index also improved from -11.8 to -6.3.

Japan overall index improved from 10.9 to 13.2 but was capped below June's 14.3. Also, current situation index dropped from 30.5 to 30.3, hitting the lowest since September 2017. That's also the sixth decline in a row. Japan expectations index rose from -7.0 to -2.5.

Also released from Eurozone, German factory orders dropped -4.0% mom in June, much worse than expectation of -0.3%.

Impact of PBoC Yuan intervention limited, and quickly fading

PBOC announced last Friday to impose 20% reserve requirement ratio (RRR) on onshore (CNY) FX forward transactions. Despite the central bank's denial, the move is obviously to moderate recent sharp depreciation of the Yuan (Renminbi). But the impact is so far rather limited. USD/CNH (offshore Yuan) edged lower to 6.8195 but is now back above 6.86. It could be heading back to 6.9 handle.

Given our view that the trade conflict would continue for some time, risk is skewed to the downside for Yuan. Therefore, we expect more capital control measures to be announced following the re-introduction of the FX reserve requirement. The FX reserve in August (to be released this week) would be closely watched. We will not be surprised to see a drop in FX reserve as the government might have intervened to defend the Yuan. More in PBOC Imposes FX Reserve Requirement as Renminbi Selloff Gets Alarming

New Zealand Treasury: Any RBNZ tightening remains some time away

New Zealand Treasury released July's Monthly Economic Indicators report today. The report noted mixed growth messages from strong wage growth but weakened retail spending. Risks are rising due to housing market, business confidence, and international trade tensions Meanwhile, inflation remained subdued but pressures appear to be gradually increasing.

The report also noted that inflation "remained subdued" and "any monetary policy tightening remains some time away". It pointed out market pricing "currently implies no OCR increase for at least 12 months". And, the Treasury expected "outlook for inflation to remain stable for the rest of the year as the drivers in either direction remain largely in balance."

Also, it noted that "possibly the most significant risk to the world growth outlook is escalating trade protectionism". The report said that "the direct effects of tariff measures announced by the US and China to date are expected to be minor". However, "the Australian and New Zealand economies are likely to be significantly impacted should there be a more generalized downturn in commodity prices".

Also released down under, Australia TD securities inflation rose 0.1% mom in July.

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2970; (P) 1.3007; (R1) 1.3039; More...

GBP/USD drops to as low as 1.2919 today and the break of 1.2956 low confirms down trend resumption. The decline from 1.4376 should target 1.2874 fibonacci level next. On the upside, above 1.2998 minor resistance will turn intraday bias neutral first. But in case of recovery, upside should be limited below 1.3212 resistance to bring fall resumption.

In the bigger picture, whole medium term rebound from 1.1946 (2016 low) should have completed at 1.4376 already, after rejection from 55 month EMA (now at 1.4141). Fall from 1.4376 should extend to 61.8% retracement of 1.1946 (2016 low) to 1.4376 at 1.2874 next. Decisive break of 1.2874 will raise the chance of long term down trend resumption through 1.1946 low. On the upside, break of 1.3212 resistance is needed to be the first indication of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.

Economic Indicators Update

Entering into US session, Sterling is trading as the weakest one for today on worries on no-deal Brexit. Swiss Franc follows as the second weakest as European stocks recover. Dollar remains the strongest one as supported by heightened trade tensions with China. Australian Dollar follows as the second strongest, then Japanese Yen.

In other markets, major European indices are trading in black today. At the time of writing, FTSE is up 0.04%, DAX up 0.59% and CAC up 0.31%. Asian markets were mixed, however. China Shanghai SSE closed down -1.29% at 2705.16. It has indeed breached 2700 handle briefly. Nikkei was also down -0.08% at 22507.32. But Hong Kong HSI and Singapore Strait Times closed up 0.52% and 0.60% respectively.

Elsewhere, Gold is back under pressure and lost 1210 handle. It could have a take on last week's low at 1204.10 very soon. WTI crude oil is back above 69 as consolidation extends, but we're seeing no evidence that it could regain 70 with conviction. 10 year JGB yields closed down -0.0005 at 0.105, holding on to 0.1 handle.

Sterling's selloff accelerates today as talk of the chance of no-deal Brexit heat up. That came after UK Trade Minister Liam Fox said over the weekend that there is no more than 60-40 chance of no-deal Brexit. Prime Minister Theresa May's spokesman tried to tone it down and said "We continue to believe that a deal is the most likely outcome because reaching a good deal is not only in the interests of the UK, it is in the interests of the EU and its 27 members." Nonetheless, the spokesman also said that Fox is right to said there is risk of a no-deal. Meanwhile, the government is prepared for "all eventualities.

Technically, GBP/USD finally takes out 1.2956 low to resume the fall from 1.4376. 61.8% retracement of 1.1946 (2016 low) to 1.4376 at 1.2874 is next target.

GBP/JPY is on course for 143.18/76 support zone.

Though, EUR/GBP continues to range bound as Euro is itself also pressured.

Here are the latest developments in global markets:

FOREX: The dollar index, which gauges the greenback’s strength against a basket of six major currencies, was trading higher by around 0.25%, with euro/dollar being down by 0.20% and trading around the 1-year low of 1.1530 despite Eurozone’s Sentix investor confidence index for the month of August surprisingly improving for the second month. Dollar/yen moved higher by 0.15% above the 111.00 psychological level. Pound/dollar plummeted to an 11-month low of 1.2932 on Monday (-0.52%) as comments by UK officials about Brexit generated fears that Britain could end up leaving the European Union without a secure trade agreement. In the antipodean sphere, aussie/dollar traded lower by 0.18% ahead of the RBA rate decision early on Tuesday, while kiwi/dollar was down by 0.13%. Dollar/loonie rose by 0.21%, erasing some previous losses. Meanwhile, the Turkish lira dipped to another fresh record low against the greenback, after the US administration said it was reviewing Turkey’s duty-free access to the US market. Dollar/lira surged by 2.10% to 5.17.

STOCKS: Major European benchmarks traded higher for the most part, though their gains were limited. The pan-European STOXX 600 and the blue-chip Euro STOXX 50 were up by 0.11% and 0.30% respectively at 1030 GMT. Meanwhile, the UK’s FTSE 100, German DAX and the French CAC 40 were moving up by 0.05%, 0.29% and 0.14% correspondingly. However, the Spanish IBEX 35 moved marginally lower by 0.04%. Futures tracking the S&P and Dow are currently in negative territory, while those following the Nasdaq 100 are higher, pointing to a positive open today.

COMMODITIES: Oil prices rose on Monday as Saudi Arabia crude production posted a decline in July and US drilling appeared to slow. West Texas Intermediate (WTI) advanced by 1.31% above the $69/barrel level , while Brent oil climbed by 1.02% around the $74 handle. In precious metals, gold dropped by 0.28% today to $1209 per ounce, holding just above the 17-month low of $1204. Also, copper plunged by 1.14%.

Day ahead: Trade story to remain under the spotlight; RBA to stand pat on rates

In the absence of major data releases, investors will be eagerly waiting for fresh headlines regarding the ongoing US-Sino trade war to allocate their positions. During the weekend, tensions between the nations escalated even further after Trump defended his tariff strategy again, highlighting the US’s bargaining power in the trade game. In return, China, which unveiled new tariffs on 5,207 US imported products worth $60 billion on Friday (the value of goods is less than half the US has proposed to target), said that “such methods of extreme blackmail will not bear fruit against China”, sending the message that China will not be afraid to take stricter retaliatory actions against its US counterpart in the future. Should the countries continue the war of words, investors could increase their demand for safer assets such as the Japanese yen and US government bonds. Still, the dollar could remain resilient on expectations of further monetary tightening by the Fed this year.

US-Turkish relations do not seem to be getting better either, with the Turkish lira hitting fresh record lows on Monday against the greenback following news that the US administration is closely reviewing Turkey’s duty-free access to the US market. The news raised a flag that Turkish goods exported to the US could soon face costs, a warning coming just after Turkey decided to freeze the assets of two key US officials on Saturday. This also follows last week’s US sanctions imposed on Turkey’s Interior and Justice ministers.

Meanwhile in Australia, the focus will turn to monetary policy and the Reserve Bank of Australia’s rate decision early on Tuesday at 0430 GMT. While the latest economic releases out of the country brought smiles to the faces of policymakers, with GDP growth rising faster than expected and inflation breaking marginally into the RBA’s range price target of 2-3.0%, the Bank is widely expected to keep rates unchanged at a record low of 1.5% for the 23d consecutive time. Policymakers could explain through the rate statement published along with the rate decision that an accommodative policy might still be needed at a time when highly indebted consumers continue to face subdued wages and growing global trade risks remain a threat to the Australian trade outlook. Note that China is Australia’s biggest export partner and any economic deterioration in China could negatively affect Australia’s welfare.

Overnight, Asian traders will also see the release of Japanese household spending for the month of June at 2330 GMT. Analysts believe that consumption has returned to positive territory on a monthly basis, increasing by 1.7% after declining by 0.2% in May. However, in yearly terms, the gauge is expected to drop by 1.6%, less than it did in the previous month when it plunged by 3.9%, the strongest downfall recorded since September 2016. Yet, given that the safe-haven yen tends to be less sensitive to data releases, not much reaction is expected by the Japanese currency.

Asia:

• UN Report: North Korea has not stopped nuclear, missile program in violation of United Nations sanctions
• China PBoC set the Yuan Reference Rate at 6.8513 v 6.8322 priir for its weakest fixing since May 2017
• PBoC advisor, Sheng Songcheng: China did not want a sharp depreciation in the yuan
• Former FX Official: PBoC maximum level of tolerance for the yuan may be the 7.0 handle against the dollar

Europe:

• ECB's Lautenschlaeger (Germany, SSM member): In favor of rate normalization, worried about banking deregulation
• EU said to be considering softening Ireland backstop powers in order to avoid a no deal Brexit
• UK Trade Minister Liam Fox (pro-Brexit member): Chances of leaving EU with no deal now seen at 60/4
• Italian Treasury intervened in market to buy back bonds- nearly €1.0B of purchases in biggest move since initial debt sell-off in May
• Fitch affirmed Germany sovereign rating at AAA; outlook Stable
• Fitch affirmed Finland sovereign rating at AA+; revised outlook to Positive from Stable
• Fitch raised Czech Republic sovereign rating one notch to AA- from A+; outlook Stable

Americas:

• Venezuela arrests six over drone explosions during President Maduro speech

Energy:

• Weekly Baker Hughes US Rig Count: 1,044 v 1,048 w/w (-0.4%)

Economic Data:

• (DE) Germany Jun Factory Orders M/M: -4.0% v -0.5%e; Y/Y: -0.8% v +3.4%e
• (CZ) Czech Jun Industrial Output Y/Y: 3.4% v 1.5%e, Construction Output Y/Y: 7.5% v 10.1% prior
• (CZ) Czech Jun Retail Sales Y/Y: 1.4% v 2.2%e, Retail Sales ex Auto Y/Y: 2.0% v 4.5%e
• (DE) Germany July Construction PMI: 50.0 v 53.0 prior
• (CN) China Q2 Preliminary Current Account: +$5.8B v -$34.1B prior
• (CH) SNB Total Sight Deposits for Week Ended Aug 3rd: 575.9B v 576.4B prior
• (UK) July New Car Registrations Y/Y: +1.2% v -3.5% prior
• (TW) Taiwan July Foreign Reserves: $458.5B v $457.1B prior
• (EU) Euro Zone Aug Sentix Investor Confidence: 14.7 v 13.4e

Fixed Income Issuance:

• None seen

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities

• Indices [Stoxx600 -0.3% at 388.2, FTSE -0.2% at 7642 DAX -0.6% at 12543, CAC-40 -0.1% at 5472, IBEX-35 -0.3% at 9714, FTSE MIB -0.3 at 2151, SMI -0.1% at 9153 S&P 500 Futures -0.2%]
• Market Focal Points/Key Themes: European Indices trade mostly lower reversing earlier gains in relatively quiet trade ahead of another busy week for corporate earnings. Banking giant HSBC reported results which came largely in line with views but rising expenses and US RMBS settlement weighed on profits, with shares trading slightly lower. Spire Healthcare trades sharply lower on a a profit warning with IWG also trading sharply lower after terminating talks over a potential takeover. PostNL declines after earnings while Linde was among the biggest fallers on the Eurostoxx 600 after the US FTC indicated further requirement may be needed to approve deal with Praxair. Meanwhile SDL, Ultra Electrnics and Tod's Spa are among names trading higher after earnings. Looking ahead notable earners include Tyson Foods, Henry Schein and Jacobs Engineering.

Movers

• Consumer Discretionary First Group [FGP.UK] +1.1% (Said to consider selling UK rail assets) , William Hill [WMH.UK] +2.1% (Reportedly in talks with Penn Gaming), IWG [IWG.UK] -22% (Terminates acquisition talks, Trading update), Tod's Spa [TOD.IT] +16% (Earnings)
• Financials HSBC [HSBA.UK] -0.8% (Earnings)
• Industrials Linde [LIN.DE] -5% (FTC may demand more concession in Praxair merger), Post NL [PNL.UK] -6% (Earnings)
• Technology SDL [SDL.UK] +1.8% (Earnings), Ultra Electronics [ULE.UK] +1.2% (Earnings)
• Healthcare Spire Healthcare [SPI.UK] -23% (Profit warning)

Speakers

• ECB's Nowotny (Austria) said to support a faster normalization of monetary policy –believing that a slow increase in rates would not harm the regional economy
• ECB Economic Bulletin: Current good economic conditions should be used to speed up reforms to strengthen resilience
• Italy Dep PM Di Maio: EU deficit limit could not block the govt program, respecting fiscal rules was not a priority in next budget
• Romania Central Bank (NBR) left its Interest Rate unchanged at 2.50% (not expected)
• Poland Fin Min Czerwinska: 2018 GDP growth seen as peak in the current cycle
• Turkey Central Bank: Core inflation main trend remained elevated. Basic goods was the main contributor to inflation rise
• Hungary Central Bank Dep Gov Nagy: Sovereign ratings could be upgraded as soon as week of Aug 12th
• Fed's Bullard (dove, non-voter) reiterated Trump comments won't have an impact on FOMC. Waiting for inevitable recession was wrong

Currencies

• USD continued to register some strength against the major European pairs. Overall analysts noted that a growing trade conflict between the US and China should be positive for the greenback
• Euro remained under pressure with EUR/USD trading in the mid-1.15 neighborhood. The new Italian govt disregard for EU budget rules placing a headwind for the Euro. Italian Reports also circulated that the Treasury recently intervened in market to buy back bonds- nearly €1.0B of purchases in biggest move since initial debt sell-off in May
• Fears of no-deal Brexit was creeping higher and this sentiment weighed upon the GBP. Over the weekend UK Trade Minister Liam Fox (pro-Brexit member) stated that
• China's Yuan currency was weaker as trade tension were more prevalent than policy tweaks as the Monday fixing was the weakest fix since May 2017

Fixed Income

• Bund Futures trades at 162.07 up 2 ticks after disappointing German factory order data. A move back above 162.75 would target 163.47 then 163.63, with a move below 161.75 targeting 161.45 then 160.45.
• Gilt futures trades at 122.81 up 13 ticks as fears of a no-deal Brexit rise, with continuing upside targeting 123.18 then 124.44, with a move lower seeing initial support at 122.23 then 121.85.
• Monday 's liquidity report showed Friday's excess liquidity fell from €1.907T to €1.905T. Use of the marginal lending facility rose from €276M to €276M.
• Corporate issuance saw high grade issuers raise $12.8B in the primary market last week

Looking Ahead

• (RU) Russia July Light Vehicle Car Sales Y/Y: 11%e v 11% prior - 06:00 (TR) Turkey to sell Bonds
• 06:45 (US) Daily Libor Fixing
• 07:25 (BR) Brazil Central Bank Weekly Economists Survey
• 07:30 (TR) Turkey July Effective Exchange Rate (REER): No est v 77.1 prior
• 08:00 (RO) Romania Central Bank gov Isarescu to hold post rate decision press conference
• 08:00 (IN) India announces details of upcoming bond sale (held on Fridays) - 08:05 (UK) Baltic Dry Bulk Index
• 08:30 (CL) Chile Jun Economic Activity Index (Monthly GDP) M/M: 0.2%e v 0.7% prior; Y/Y: 5.3%e v 4.9% prior, Economic Activity (ex-mining) Y/Y: 1.6%e v 4.7% prior
• 08:55 (FR) France Debt Agency (AFT) to sell combined €3.6-4.8B in 3-month, 6-month and 12-month BTF Bills
• 09:00 (MX) Mexico May Gross Fixed Investment: No est v 10.5% prior
• 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
• 16:00 (US) Weekly Crop Progress Report