The economic calendar was quite calm during today's Asian session. Statistics were limited to the Australian second-quarter construction release.
In addition, the Asian market reacted to a change in US President Trump's trading strategy. After escalating on Friday, Trump said trade negotiations between the US and China will continue. The change in sentiment supported the US dollar and Asian stock markets this morning.
Completed construction work in Australia fell by -3.8% in the 2nd quarter, which was worse than the projected decrease of 1%. In the 1st quarter, the indicator fell by 2.2%. The total volume of construction work fell by 5.7% in June, while engineering fell by 1.1%.
The volume of work on the construction of residential buildings decreased by 5.1%, the construction of non-residential buildings decreased by 6.6%.
The Australian dollar fell from 0.67571 to 0.67474 after the publication of data. At the time of writing, AUD is trading down at the 0.6737.
Currently, the Japanese yen has fallen 0.09% to 105.85 yen against the US dollar, while the kiwi fell by 0.39% to $ 0.6337.
A fairly calm day is expected today for the European single currency. GfK consumer climate data in Germany is unlikely to have a significant impact on the behavior of the euro.
As the ECB relies on consumer spending to support the economy, a deterioration in consumer confidence will put relative pressure on the single currency.
In addition to statistics, geopolitics will continue to determine the direction during the day, combined with the mood regarding economic prospects.
At the time of writing, the euro was down 0.04% to $ 1,1086.
The summer break in the work of the British Parliament is quickly coming to an end, and we can expect a tough debate over Brexit to resume, as well as talks about a vote of no confidence to the current government.
In the event of a sharp deterioration in the domestic political situation, Prime Minister Boris Johnson may well consider the issue of early parliamentary elections and even suspension of parliament to implement the planned Brexit.
At the time of writing, the pound was down 0.11% to $ 1.2277.
EURUSD: Sell. Entry point – 1, 1088. Take profit – 1, 1072. Stop Loss – 1, 1116.
USDCAD: Sell. Entry point – 1, 3308. Take profit – 1, 3289. Stop Loss – 1, 3341.
AUDUSD: Sell. Entry point – 0, 6741. Take Profit – 0, 6726. Stop Loss – 0, 6767.