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FOREX: Quiet start to the week, headlines expected to drive
- With Japan out for the Marine Day holiday, volumes remained light amid narrow
range trade.
- The quiet theme spilled over into Europe with headlines from Brexit and the
Putin-Trump summit expected to drive. The USD is marginally lower across the
board with SEK the stand out performer (+0.38), closely followed by NZD & GBP.
- EURUSD picked up fresh demand in early Europe, squeezed to $1.1707, but failed
to take out resistance at $1.1710. Traders reported accts that were buying
EURUSD at $1.1620 on Friday were also active this morning on breaks of $1.1700.
- GBP held $1.3226-60 for the balance of the session. This week brings a raft of
data release including CPI, Labour market report & Retail Sales which could
cement/draw questions over a BoE rate hike at the August MPC.
- Bullish divergence on the 14-day RSI around the 94.55/60 area cushioned DXY in
early Europe, gains extended to 94.65/70.
- Modest gains witnessed in the EM space today, RUB, MXN & HUF the standouts.
The Forint looks set to register its 3rd straight day of gains, last Huf322.00. 

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