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!
