Good morning traders, and hope you had a wonderful weekend!

Oil advanced at the week’s open after Saudi Arabia said it will make an extra 1 mln BPD supply cut in July, taking its production to the lowest level for several years following a slide in prices.

Asset managers increased their yen bearish positions alongside hedge funds amid speculation that the Bank of Japan won't make any quick changes to its ultra-easy monetary policy.

A measure of the dollar's strength increased for a second day as Treasury yields moved higher and bets on another Fed rate hike following the most recent jobs report increased.

Docket (All times in ET)

2 AM: German Trade Balance Forecast: 16B, Prior 16.7B

2:30 AM: Swiss Inflation
CPI YoY: Forecast 2.2%, Prior 2.6%
CPI MoM: 0.3%, Prior 0%

European nations deliver their final PMI figures, which are all expected to remain unchanged.

3:50 AM: French Services PMI
Forecast: 52.8, Prior 52.8

3:55 AM: German Services PMI
Forecast: 57.8, prior 57.8

Composite PMI Final
Forecast: 54.3, Prior 54.3

4 AM: Eurozone Services PMI
Forecast: 55.9, Prior 55.9

Composite PMI

Forecast: 53.3, Prior 53.3

4:30 AM:
UK Services PMI
Forecast: 55.1, Prior 55.1

Composite PMI
Forecast 53.9, Prior 53.9

There are no speakers for the European session this morning.

Good luck traders, and have a great day!