European FX Open - Swedish data the focus this morning

Not much movement so far, as orderly trade pans out for now ahead of this week's big events of central bank verdicts from the FOMC, BOJ and the BOE as well as the NFPs Friday.

US stock futures are all in positive territory, led by the +0.7% NASDAQ, as Donald Trump said he would fire SEC Chair Gensler if he returns to the White House in favor of a digital currency-friendly regulator, vowing to make the US the world's crypto capital.'

Such gains come despite latest worrying geopolitical developments. Israel attacked Hezbollah targets yesterday and threatened further retaliation for a rocket strike that killed 12 youngsters while signaling openness to a proposed Gaza truce that could also calm the second and more combustible front with Lebanon, while Bbg also reports Turkish President Recep Tayyip Erdogan is escalating his rhetoric against Israel, suggesting Istanbul could intervene on behalf of Palestinians, possibly with military support, in ways similar to what it has done in other conflicts.

Today, Sweden has he floor in the early part of the session, kicking proceedings off with retail sales data for June and June and Q2's GDP indicator.

These releases are followed by Swiss sight deposits and UK consumer credit, M4 money supply and mortgage approvals as well as CBI dist sales for July.

Perhaps semi-supportive for stocks, China Industrial profits rose 3.6% y/y in June vs 0.7% last, tentatively marking the resilience of the manufacturing sector.

Also on the news front, BBC News reports the UK chancellor is set to announce immediate cuts worth billions of pounds, aimed at plugging a Gbp 20bln black hole in the finances, when she addresses Parliament today. Rachel Reeves' plans are expected to include the cancellation of some road and rail projects, a reduction in spending on external consultants and a drive to cut public sector waste.

And, US Treasury Secretary Yellen rejected Trump's argument that a strong USD is walloping US manufacturers, saying it’s just not that simple and the overall labor market is solid.

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