The US Dollar remains under pressure. While the charts suggest that the currency is oversold in the short-term, it is getting no rest. EUR/USD and GBP/USD are back above 1.17 and 1.31 respectively, and USD/JPY is approaching a key support level at 110. In the Euro, there is little resistance until 1.20, while in Cable, a break above 1.32 would signal a rally to at least 1.35. The Yen is likely to struggle as the BoJ plans to maintain its QE programme for a long time, but a break of 110 in USD/JPY could trigger fresh momentum selling.
07:00 BST – German Retail Sales
10:00 BST – Euro Zone CPI
15:00 BST – US Pending Home Sales
Tuesday, August 1st
10:00 BST – Euro Zone GDP
15:00 BST – US ISM Manufacturing PMI
Wednesday, August 2nd
Thursday, August 3rd
Friday, August 4th
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