Economic data is back in the spotlight on Tuesday, with the United States scheduled to deliver most of the market-moving headlines.
Action begins at 06:45 GMT with a report on Fresh consumer confidence. The August reading of the index is forecast to come in at 97, unchanged from the previous month.
Switzerland is scheduled to report on second-quarter employment at 07:15 GMT. Overall employment in the Swiss economy likely rose to 4.985 million in the April-June quarter compared with 4.961 million in the first three months of the year.
Reports on Italian business confidence and consumer confidence are scheduled for release at 08:00 GMT. Italy’s business confidence index likely fell to 106.2 from 106.9 the previous month. The consumer confidence indicator is projected to fall to 115.9 in August compared with 116.3 the month before.
One hour later, the Italian government will report on producer inflation for the month of July. The producer price index (PPI) is a key indicator of factory-gate inflation, which impacts price trends across the economy.
Shifting gears to North America, the US Department of Commerce will release its preliminary estimate of wholesale inventories at 12:30 GMT. Inventories are forecast to rise 0.1% in July compared with a similar increase the month before.
In a separate report that is also scheduled at 12:30 GMT, the Commerce Department will report on Washington’s goods trade balance with the rest of the world. The deficit likely rose to $68.6 billion in July compared with $67.9 billion the month before.
At 13:00 GMT, traders can expect the latest home-price indices courtesy of S&P/Case-Shiller. The headline indicator is forecast to show price growth of 6.5% annually in June.
Finally, the Federal Reserve Bank of Richmond will release its manufacturing index at 14:00 GMT. The August reading is forecast to come in at 18, down two points from the previous month.
EUR/USD
Europe’s common currency traded higher on Monday, as the dollar continued to backtrack against a basket of its rivals. The EUR/USD exchange rate has held most of its gains and now trades at 1.1675. At this level, the bulls are eyeing a test of the psychological 1.1700 region.
AUD/USD
The Australian dollar regained momentum at the start of the week, as investors digested the latest political developments out of Canberra. The AUD/USD exchange rate currently resides at 0.7337 after multiple failed attempts to climb above 0.7350.
GBP/USD
Cable’s upward march continued Monday, as the pair edged closer to the all-important 1.2900 handle. At the time of writing, GBP/USD is currently trading at 1.2888 with the upside firmly intact. At current price levels, the bulls are eyeing a test of the 1.2950 region, which would expose higher highs near 1.3000.
