- German Ifo business climate index up from 107.4 to 107.6 this month?
- U.K. CBI industrial order expectations due
Just another manic Monday in the forex market? Not quite. Most currency pairs were actually off to a slow start since there were no top-tier reports released in today’s Asian trading session. So far, the U.S. dollar is treading lower against its forex rivals, as traders are bracing themselves for the market catalysts lined up.
USD/JPY is down 28 pips (-0.22%), EUR/USD is up 31 pips (+0.28%), USD/CHF is down 15 pips (-0.16%), and GBP/USD is up 25 pips (+0.16%). Commodity currencies are slightly weaker, with AUD/USD down 9 pips (-0.14%), NZD/USD down 11 pips (-0.21%), and USD/CAD down 14 pips (-0.11%).
Up ahead, only a couple of medium-tier reports are lined up from the U.K. and the euro zone. Germany is set to print its Ifo business climate index at 8:00 am GMT and the reading is set to climb from 107.4 to 107.6 in July, reflecting a slight increase in confidence for the month. The U.K. will release its CBI industrial order expectations figure at 10:00 am GMT and possibly show an improvement from -7 to -4 this month, suggesting a smaller contraction in volumes.
With no other major market movers on the horizon, make sure you keep tabs on commodity prices also since these have pushed currency pairs around last week. Gold prices are still trading below the $1,100/ounce mark so far, which could mean downside pressure on Aussie pairs, while brent crude oil has been hovering below $55/barrel.
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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!