Got to start with this euro story in the FT.

Superb jaw-boning on display.  

As I type, we are sat just above the 1.18 handle.

Overall risk sentiment remains positive.

ASX +0.7%
Nikkei +0.8%
KOSPI +1.1%

China & HK markets a little lower.

U.S. Futures are down slightly after strong moves yesterday.

European markets again set to open higher.

Overnight Data


Services & composite PMI back in contraction, although this was largely expected.

The social distancing measures in Victoria taking a lot of the blame in the report.

Trade data for July was also released. Westpac have us covered here.


Very positive PMI data, employment up, although new orders growth slowing could be an ominous sign.


Continues to struggle.

Where input prices decreased, anecdotal evidence suggested that this was mainly due to lower staff costs.

A pretty sorry state of affairs.

Looking ahead, we have the final European Services & Composite PMI's this morning.

The readings are all expected to be lower than the previous survey, but only Spain & Italy are forecast to be back in contraction.

UK is forecast to do much better, with readings above 60 touted.

EZ retail sales for July are forecast to increase by 1.5% MoM.

This afternoon, U.S. employment data and Final PMI's will be the focus.

BOE's Bailey on the Future of Cryptocurrencies & Stablecoins
ECB's Schnabel at the 5th ECB Research Conference
Fed's Evans is likely to keep hammering home the Fed's message that "rate hikes won't come until we have no other choice whatsoever, and even then we'll wait as long as we possibly can , ok?!"