🇺🇸 USD – BEARISH
1️⃣ The safe-haven dollar was under pressure on Monday as risk appetite returned to markets after AstraZeneca resumed its phase three trials.
2️⃣ Expect weaker retail sales this Wednesday due to declined in Redbook retail sales.
3️⃣ Risk to FOMC meeting this Thursday.
🇬🇧 GBP – BEARISH
1️⃣ Expectations of negative interest rates continued to weigh on sterling ahead of the Bank of England’s policy meeting on Thursday.
2️⃣ UK’s employment data expect to print negative due to ongoing job losses showed in PMIs.
3️⃣ Recent data showed the UK economy continued to recover from the coronavirus crisis in July helped by the further lifting of restrictions but at a slower pace.
🇪🇺 EUR – BULLISH
1️⃣ Investors turned to riskier currencies amid renewed hopes of a coronavirus treatment after AstraZeneca said over the weekend it had resumed clinical trials of its COVID-19 vaccine.
2️⃣ The EU published earlier today July Industrial Production, which was up 4.1% in the month, beating expectations.
3️⃣ Investors continue to digest an upward revision to the Eurozone outlook for 2020 from the ECB and a calm approach to recent Euro strength.
4️⃣ The annual real GDP is now expected to shrink by 8% in 2020, a slight improvement from its June forecast of an 8.7% plunge, to then rebound by 5% in 2021 and by 3.2% in 2022.
🇳🇿 NZD – BULLISH
1️⃣ Prime Minister Jacinda announced that coronavirus restrictions will be lifted on September 21.
2️⃣ New Zealand’s services sector climbed above its long term average level of activity.
3️⃣ US Dollar Index (DXY) started the week on the back foot as the greenback struggles to find demand as a safe-haven.
🇨🇦 CAD – BEARISH
1️⃣ Oil prices dropped amid a surprise build in US crude oil inventories and mounting concerns over fuel demand recovery.
2️⃣ Bearish in inflation data expected this Wednesday as decline in price component in IVEY PMI.
🇦🇺 AUD – BULLISH
1️⃣ Sustained selling around the USD, the risk-on mood extended some support to the major.
2️⃣ Bullish prediction for AU’s employment data this Thursday.
🇯🇵 JPY – BEARISH
1️⃣ Japan’s governing party elected Chief Cabinet Secretary Yoshihide Suga as its new leader to succeed Shinzo Abe. Suga is widely considered to be Abe’s right-hand man, which is good for the continuity of policies for the world’s third-largest economy.
2️⃣ The upbeat market mood might undermine the safe-haven JPY.
🇨🇭 CHF – BULLISH
1️⃣ The USD remained depressed amid a pickup in the demand for the common currency. Also, as the biggest trading partners, positive news in Europe will have the same impact for Swiss.
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