Some light releases to get things done in Europe


The Dollar fell in trading yesterday, but from a technical standpoint, there’s not much to work with amid the moves so far this week. US-China tensions were the main story for a few days, but yesterday it was choppy as I would say traders are waiting for the NFP today before putting in the dough.

USD/JPY is once again a decent move as the big swings continue with the pair now up 0.5% at 133.45 on the day. From the charts, there is plenty of room to maneuver as the price action is caught between the 100-day moving average at 130.67 and the 135.00 mark at the moment.

Elsewhere, EUR/USD is holding around 1.0200 with upside still limited by the 50.0 Fib retracement level at 1.0283 while bearish action is supported around 1.0100. The Pound was in focus yesterday amid the BOE, although the Cable struggled to close slightly higher with buyers holding near-term support around 1.2063-65. Dollar weakness hasn’t really helped drive a firm bearish move in that direction.

Today all eyes are on the US jobs report and that will set the tone as we look to wrap up the week. There will be a few light releases in Europe, but nothing that should distract from the main event later today.

0600 GMT – June industrial production in Germany
0600 GMT – Halifax UK July property prices
0645 GMT – France’s trade balance in June
0700 GMT – Swiss foreign exchange reserves in July

That’s all for the upcoming session. I wish you all the best days ahead and good luck with your trading! Stay safe there.


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