Markets are in a calmer mood so far ahead of European trading but we should see the narrow ranges among major currencies stretch out later on. How that will be will also depend on the risk mood and if equities can stem the bleeding since the turn of the month. But in any case, the pound will be a focus point with the BOE coming up later.
As for broader market sentiment, we might already be caught in a bit of a lull awaiting the US jobs report tomorrow. There will be some data points to move things along in the session ahead but none of which should be too impactful outside of the BOE policy decision.
The UK central bank is expected to raise the bank rate by 25 bps but it may well be a fine call between that and a 50 bps move. I shared some thoughts on that here, and what markets are seeing in the bigger picture and how the pound might react.
0600 GMT - Germany June trade balance
0630 GMT - Switzerland July CPI figures
0715 GMT - Spain July services PMI
0745 GMT - Italy July services, composite PMI
0750 GMT - France July final services, composite PMI
0755 GMT - Germany July final services, composite PMI
0800 GMT - Eurozone July final services, composite PMI
0830 GMT - UK July final services, composite PMI
0900 GMT - Eurozone June PPI figures
1100 GMT - BOE announces August monetary policy decision
1130 GMT - BOE governor Bailey press conference
1130 GMT - US July Challenger layoffs, job cuts
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.