"The week ahead is chock full of fundamental events, making it arguably the most important week for the next month", says Marc Chandler, analyst at BBH. "The events this week will help shape expectations for the period ahead. The US dollar has been trading with a heavier bias against the major currencies, and the events this week have the potential to set the stage for a recovery".
EUR/USD has been pretty stable since the Friday open, unable break above the 1.3300 level, while GBP/USD is trading just below 1.5400. The dollar weakened mainly against the yen, with USD/JPY dipping below the 98.00 level for the first time this month.
Main Headlines in Europe:
BoJ Kuroda: Japan on track to beat deflation
taly Business Confidence up to 91.7 in July from 90.5 in June
UK: Mortgage Approvals down to 57.667K in June
Italy Wage Inflation (MoM): 0.2%; (YoY): 1.5%
China orders an urgent audit of public debt