Attention turns to Europe and the publication of several pieces of economic data.

The EURUSD weakened overnight after opening at $1.18440. The decline set in early, with a brief spike to a high of $1.18483 mid-session unable to stem the slide. The euro closed at a low of $1.18106. A brief reprieve in early Tuesday trading has been met with another dip, with the euro now trading at $1.18025. The GBPUSD was hammered overnight on the back of uncertainty surrounding Brexit negotiations. The pair began the week at $1.32456 and edged up to a high of $1.32657 in the opening hour. The pound fell away soon after, with the losses accelerating mid-session, as it hit a low of $1.31394. It came off those lows slightly late in the day but looks under pressure in early Tuesday trading. It is now trading at $1.31511.

Indices got off to a timid start this week as they look to consolidate themselves after enduring sell-offs late last week. The Dow started the week at 28,115.86 and slipped to lows of 27,900.49 in the opening hour. It quickly recovered and traded in a tight range for the rest of the day, eventually peaking at 28,360.33 just before the close. It is not far off those highs, currently trading at 28,315.30. The Dax performed well overnight after opening the week at 12,879.79. The German index dipped to lows of 12,860.72 in the first hour of the session before climbing for the rest of the day, hitting highs of 13,135.93 late. It has come off those highs slightly and is now trading at 13,116.30.

Focus shifts to Europe as the continent publishes Revised GDP data. Analysts are forecasting that Europe’s economy had contracted by 12.1% in the June quarter, in what should come as no surprise to markets.

Other data published today includes:

Japan – Economy Watchers Sentiment

US – Consumer Credit, IBD/TIPP Economic Optimism, NFIB Small Business Index

Europe – German and French Trade Balances, Italian Retail Sales, French Final Private Payrolls, European Final Employment Change

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