Forex Focus on Fed this Week

In a quiet start for the week EURUSD traders await the Spain July preliminary CPI figures due at 7:00 GMT, an hour later at 8:00GMT the SNB total sight deposits w.e. 26 July will attract some attention while GBPUSD traders will watch the UK June mortgage approvals, credit data which will be released at 8:30GMT.

In the US forex calendar we have the Dallas Fed manufacturing outlook level of general business activity for July which will be released at 14:30GMT, the forecasts are for a figure of -5.1 while the previous reading was -12.1.

Earlier today, Japan Retail Trade (year over year) came in at 0.5%, beating forecasts of 0.2% in June, Retail Trade s.a (month over month) registered at 0%, below expectations (0.8%) in June and Large Retailers’ Sales registered at -0.5% topping expectations of -0.7% in June.

The main risk event for the week is on Wednesday the FOMC Rate Decision, the   Bank of England Rate Decision on 1 Aug. and the BOJ decision.

Topics that will drive FX markets

US-China trade negotiations

Protests in Hong Kong

Britain deploys ships to Bahrain

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