Market Brief: Indecision

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  • A somewhat indecisive day so far in FX with the above candles having small bodies and long wicks – not a surprise given lack of major US data and ahead of key events later in the week (namely ECB and US CPI).
  • FWIW, the CHF is the weakest amid a mild risk-on day as EU stocks staged a slow recovery after a weak open; GBP was among the strongest on more data surprise and CAD was underpinned by oil strength (see below)

  • Despite Brexit uncertainty, the UK economic situation is not as bad as many had feared – judging by the latest macro data. UK wages came in ahead of expectations this morning, following better-than-expected manufacturing, construction and GDP data a day earlier. At 4.0%, wages (including bonuses) grew in the three months to July at their strongest pace since mid-2008, rising from 3.7% the month before. The unemployment rate dropped to a record low of 3.8% from 3.9% previously.
  • Saudi Arabia's new energy minister Prince Abdulaziz bin Salman said his nation would continue working with other oil producers to achieve market balance
  • No major US data today

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