Data released (actual, consensus, previous):
08:30 GMT UK Mortgage Approvals (Jun) 57.667K 59.500K 58.071K
08:30 GMT UK GBP Consumer Credit (Jun) £0.5B _ £0.8B
08:30 GMT UK GBP M4 Money Supply (MoM) (Jun) 0.1% 0.2% -0.1%
08:30 GMT UK GBP Net Lending to Individuals (MoM) (Jun) £1.0B £1.4B £0.5B
10:00 GMT UK CBI reports Distributive Trades Survey (Jul) 17 11 1
08:30 GMT UK Mortgage Approvals (Jun) 57.667K 59.500K 58.071K
08:30 GMT UK GBP Consumer Credit (Jun) £0.5B _ £0.8B
08:30 GMT UK GBP M4 Money Supply (MoM) (Jun) 0.1% 0.2% -0.1%
08:30 GMT UK GBP Net Lending to Individuals (MoM) (Jun) £1.0B £1.4B £0.5B
10:00 GMT UK CBI reports Distributive Trades Survey (Jul) 17 11 1
The main currencies trades in flat waiting for important news later
this week. The ECB this week can deliver much the same statement as last
time including the forward guidance that rates will be left at present
or lower levels for an extended period of time. But Draghi’s press
conference, while continuing to suggest the second half recovery remains
on track, will also continue to keep the threat of interest rate cuts
alive.
EURO:
The Euro stuck in the narrow range. German Parliamentary Budget Committee approved Greek payment, but it has no impact on the single currency.
EUR/USD stays under $1.3300, with closest support coming at $1.3255 (high Jun 21). Below $1.3160 initial support is around $1.3140 and $1.3070/60 (Jul 18 lows). Above $1.3300 (Jun 6 high) gains will extend to and $1.3325.
The Euro stuck in the narrow range. German Parliamentary Budget Committee approved Greek payment, but it has no impact on the single currency.
EUR/USD stays under $1.3300, with closest support coming at $1.3255 (high Jun 21). Below $1.3160 initial support is around $1.3140 and $1.3070/60 (Jul 18 lows). Above $1.3300 (Jun 6 high) gains will extend to and $1.3325.
POUND:
The pound is dropping ahaed BoE meeting results on Thursday because investors prefer cut longs. Asset Purchase Facility is expected to remain at £375K, while key lending rate is set to left unchange at 0.5%.
GBP/USD erased below recent highs on $1.5416 (initial resistance). Initial support remains at Friday’s lows on $1.5350, then - at $1.5180 (Tuesday’s lows) with a break lower widens losses to $1.5150 (Jul 18 lows) and $1.5080 (Jul 17 lows). Above $1.5416 resistance is near $1.5480 (Jun 25 highs).
The pound is dropping ahaed BoE meeting results on Thursday because investors prefer cut longs. Asset Purchase Facility is expected to remain at £375K, while key lending rate is set to left unchange at 0.5%.
GBP/USD erased below recent highs on $1.5416 (initial resistance). Initial support remains at Friday’s lows on $1.5350, then - at $1.5180 (Tuesday’s lows) with a break lower widens losses to $1.5150 (Jul 18 lows) and $1.5080 (Jul 17 lows). Above $1.5416 resistance is near $1.5480 (Jun 25 highs).
YEN:
USD/JPY compensated morning losses. Official data released before the stock market’s open showed Japan’s retail sales climbed 1.6% in June from the year-ago month, though just short of forecasts.
USD/JPY remains above Y97.65/50 (50% Fibo from Y93.80 - Y101.50, also the lower bound of the channel from Jul 7 and session lows). If break under support comes at Y96.75 (61.8%). Initial resistance is near session highs at Y98.30, above - at Y98.80/90 (ex-support). Further resistance is around Y100.47 (Thursday’s high).
USD/JPY compensated morning losses. Official data released before the stock market’s open showed Japan’s retail sales climbed 1.6% in June from the year-ago month, though just short of forecasts.
USD/JPY remains above Y97.65/50 (50% Fibo from Y93.80 - Y101.50, also the lower bound of the channel from Jul 7 and session lows). If break under support comes at Y96.75 (61.8%). Initial resistance is near session highs at Y98.30, above - at Y98.80/90 (ex-support). Further resistance is around Y100.47 (Thursday’s high).
DATA AHEAD:
Us data include Jun Pending Home Sales at 14:00 GMT with -0.1% m/m expected after 6.7% in May.
Japan concludes Monday with Jun Unemployment Rate and preliminary Industrial Production data.
Us data include Jun Pending Home Sales at 14:00 GMT with -0.1% m/m expected after 6.7% in May.
Japan concludes Monday with Jun Unemployment Rate and preliminary Industrial Production data.
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