- CPI (MoM) (GB, 09:30 GMT)
- ZEW Economic Sentiment (EU, 10:00 GMT)
- BoE Gov King Speaks (GB, 10:00 GMT)
- German ZEW Economic Sentiment (GER, 10:00 GMT)
- BOE Inflation Letter (GB, Tentative)
- Manufacturing Sales (MoM) (CAD, 13:30 GMT)
- CPI (MoM) (U.S, 13:30 GMT)
- TIC Net Long-Term Transactions (U.S, 14:00 GMT)
- Interest Rate Decision (CAD, 15:00 GMT)
- Industrial Production (MoM) (U.S, 14:15 GMT)
- Fed Chairman Bernanke Testifies (U.S, 15:00 GMT)
Bloomberg News reported that the International Monetary Fund cut its 2013 global growth forecast as Europe’s debt crisis prolongs Spain’s recession and slows expansions in emerging markets from China to India. Growth worldwide will be 3.9 percent next year, less than the 4.1 percent estimate in April, the fund predicted in an update of its World Economic Outlook. Spain’s economy will contract 0.6 percent instead of a prior forecast for 0.1 percent growth, and India’s projection for next year was reduced 0.7 percentage point to a 6.5 percent expansion, it said.
Retail sales in the U.S. unexpectedly fell for a third month in June as limited employment gains took a toll on consumers. The 0.5 percent drop followed a 0.2 percent decrease in May, Commerce Department figures showed in Washington.
Just three days after it downgraded the country's sovereign credit rating by two notches, rating agency Moody's Investors Service on Monday lowered the long-term debt and deposit ratings of ten Italian banks and the issuer ratings for three Italian financial institutions by one to two notches. Meanwhile, the ratings of one bank were affirmed.
EUR/USD: The EUR/USD was trading higher at 1.22927 at the time of writing after U.S retail sales came in much weaker than expected, fueling speculation that the Fed will use further stimulus action to boost the economy. The pair is likely to fluctuate within the resistance level of 1.23360 and the support level of 1.22547 ahead of key risk event; German and eurozone ZEW economic sentiment at 10:00 GMT. Positive data along with the speculation that the Fed will add stimulus measures might push the EUR/USD higher to hover around the 38.2% Fibonacci level of the last falling wave at 1.23865. On the contrary, the pair might give up the gains registered yesterday to hover around the key level of 1.22000.
Investors should remain very prudent as a pool of data will be released today both in the eurozone and U.S. After the ZEW economic data, Spanish and Greek sovereign short term auctions data come on the market. While the U.S will release the following data; CPI (MoM), TIC Net Long-Term Transactions and Industrial Production (MoM). The key event for the USD will be the speech of Fed Chairman Bernanke at 15:00 GMT. On the American session investors should adopt a wait and see strategy. 
GBP/USD: The GBP/USD was trading higher at 1.56528 at the time of writing as monthly decline in U.S retail sales bolstered expectations for another round of easing by the Federal Reserve. The pair is likely to fluctuate within the resistance level of 1.56926 and the support level of 1.56005 ahead of some very important economic data both in the UK and the U.S. The economic data which will be released in the UK today are; CPI (MoM) at 09:30 GMT forecast at 2.8% in the year to June, BoE Gov King Speech at 10:00 GMT and BOE Inflation Letter (tentative). If positive comments and data are released, the GBP/USD might increase to hover around the key level of 1.57000. On the contrary, the pair might dip to hover around the 1.56000 ahead of the CPI (MoM), TIC Net Long-Term Transactions and Industrial Production (MoM) data in the U.S. The risk event for the USD today will be the Fed Chairman Bernanke speech. Investors should remain very prudent and closely monitor the speech of the Bernanke to get visibility on the pair.
Oil (WTI): The price of oil was trading slightly lower at 88.201 at the time of writing after the International Monetary Fund cut its global growth forecast for 2013, which will lead to drop in demand for oil. The commodity is likely to fluctuate within the resistance level of 89.108 and the support level of 86.643 as investors are waiting for some economic data to get visibility. Positive data from the eurozone will mean that the economy is on the right track and will need more oil to sustain the progress. Thus, the commodity might increase to test the resistance level of 89.108. However, if data comes in below expectations then the commodity might decrease to hover around the key level of 88.000. Investors should closely watch the economic data in the U.S and Fed Chairman Bernanke's speech, where he will talk about the economic situation and the intentions of the Fed. Investors should be very prudent.
Dow: The Dow was trading higher at 12698.2 at the time of writing ahead to Federal Reserve Chairman Ben Bernanke's semi-annual testimony to the U.S Congress on Tuesday and Wednesday, amid ongoing speculation over whether the central bank will introduce more easing measures to stimulate the economy. The Index is likely to continue its increasing trend to test the resistance level of 12764.5. Investors should be very cautious and keep an eye on the economic data in the eurozone and U.S. Investors should also monitor Fed’s Chairman Bernanke speech, where he will talk about the economic situation and the intentions of the Fed.