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Economic data coming up in the European session

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UK retail sales on the agenda in the session ahead

Risk tones are continuing to keep more on the defensive once again and while dip buyers in US equities did what they did best, the same can’t be said for commodity currencies as they were smashed in trading yesterday.

In particular, the loonie looks to be the latest victim of a massive technical breakdown with CAD/JPY and CAD/CHF reflecting a gnarly picture towards the end of the week.

Elsewhere, the aussie and kiwi are still keeping lower since yesterday while the dollar finds itself in a modest spot – keeping pace with the yen.

It’s tough to see risk turning on a Friday especially considering how things have played out on the week. The bond market remains tentative and yields are still looking like they may be pressured lower, so that likely isn’t going to offer much help.

0600 GMT – Germany July PPI figures

Prior release can be found here. Producer prices are estimated to tick higher again as the trend continues to reaffirm that supply chain disruptions are still propping up overall price pressures globally at the moment.

0600 GMT – UK July retail sales data

Prior release can be found here. UK retail sales activity is estimated to show a slight bump higher last month, spurred on by a bit of a boost from the Euro 2020 finals but also as general consumption seems to be holding up amid the summer optimism.

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.

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