Economic data coming up in the European session

Not much on the data docket to kick start the week in Europe

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Remarks by Fed chair Powell are the main highlight to start the week, and that is continuing to keep gold on the path on a major breakout as we see gold prices break above $1,760 to fresh highs since October 2012.

Meanwhile, investors are finding some room for optimism after a rough week with US futures trading higher and helping to inject some cautious gains into Asian stocks as well.

S&P 500 futures are now up by over 1%, retracing some of the losses from last week.

That is helping to translate into a slightly stronger performance in commodity currencies thus far, with other major currencies still mostly tepid in trading to start the day.

The pound broke under 1.2100 against the dollar but recovered back above that, though Brexit worries will still be a downside factor to consider in the coming weeks.

Looking ahead, it’s still all about sentiment for the most part as economic data will take the back seat once again in the trading session ahead.

0800 GMT – SNB total sight deposits w.e. 15 May

Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions. The SNB is keeping up a defense of the 1.05 level in EUR/CHF and this provides some indication of their conviction to keep managing the franc appreciation.

Also, at 1000 GMT, the Bundesbank will release their monthly report of the economic situation in Germany so just take note of that.

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.