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Currencies Trade Defensively Ahead of Critical Week

FOREX
  • Markets trade defensively and within recent ranges to mark a muted Monday session so far. JPY is modestly weaker on an intraday basis, while the single currency makes furtive gains.
  • UK growth data came in moderately ahead of expectations, with manufacturing production contracting at a slower pace than forecast, playing in favour of the bullish trend conditions that remain present in GBP/USD. The pair has cleared the 200-dma and maintains a bullish sequence of higher highs and higher lows. Note that moving average studies remain in a bull-mode position, highlighting positive market sentiment. A resumption of gains would open 1.2406, the Jun 16 high.
  • Lastly, commodity-tied currencies have failed to take advantaqe of a minor bounce in equity futures, with the e-mini S&P still within range of the overnight and Friday lows of 3956.00 and 3959.75.
  • The data and speakers slate starts with a lull on Monday, with no key data releases or central bank events ahead of this week's deluge of meetings. As such, the focus for the session ahead will likely be pre-positioning and interpretation of Tuesday's critical US CPI release.

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