The EUR has continued to test support levels. Spanish and Italian PMI Services marks will be reported soon, but their effect on the Single Currency should be rather tame. The U.K. will release is Services PMI data soon also. Having said this, both the ECB and BoE will hold their monetary policy meetings and publish the results on Thursday. While no major surprises are expected, investors will be keen to examine any comments coming from both central banks.
Crude Oil continues to trade at the lower realms of its short-term values, this as Middle East chaos continues to escalate and questions surround a couple of major oil fields in Iraq. But as mentioned Crude Oil has not shown any desire to jump in price and WTI has been quite calm. Gold as of this morning also is languishing near short-term lows. Commodities on a whole have not shown much life and demand has not been enough to cause massive speculation.
Later today the ISM Non-Manufacturing PMI will come from the States, along with Factory Orders. There was no major data from the U.S. yesterday. China did see the HSBC Services PMI earlier today and came in with a lacklustre result of 50.0. In essence U.S. and Chinese economic data continues to be rather inconclusive.
Equities gained for the most part on the major exchanges on Monday. After a rather disappointing July for most bourses, investors while not exactly nervous certainly must be eyeing the gains they have made during the year and wondering if they should cash out while the going is good.
The major currencies have continues to trade to the weaker side of the USD. With central bank directives coming from Europe and the U.K. later this week, traders will certainly have an opportunity to test ranges.