Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

04:30 Japan Tertiary Industry Index July 0.3% 0.2%

04:30 Japan Industrial Production (YoY) (Finally) July 2.3% 0.2% 0.0%

04:30 Japan Industrial Production (MoM) (Finally) July 1.1% -0.6% -0.8%

07:15 Switzerland Producer & Import Prices, m/m August -0.3% -0.7%

07:15 Switzerland Producer & Import Prices, y/y August -6.4% -6.8%

07:15 Switzerland Retail Sales (MoM) July 1.4% -0.6%

07:15 Switzerland Retail Sales Y/Y July -0.9% -0.1%

09:00 Eurozone Industrial production, (MoM) July -0.3% Revised From -0.4% 0.3% 0.6%

09:00 Eurozone Industrial Production (YoY) July 1.5% Revised From 1.2% 0.6% 1.9%

The U.S. dollar traded higher against the most major currencies in the absence of of any U.S. economic data today.

The euro traded lower against the U.S. dollar despite the better-than-expected economic data from the Eurozone. Eurostat released its industrial production data for the Eurozone on Monday. Industrial production in the Eurozone rose 0.6% in July, exceeding expectations for a 0.3% increase, after a 0.3% drop in June. June's figure was revised up from a 0.4%.

The increase was driven by a rise in energy, durable consumer goods and capital output. Energy output climbed 3.0% in July, durable consumer goods were up 1.3%, while capital goods output rose by 1.4%.

Intermediate goods declined by 0.6% in July, while non-durable consumer goods output fell 0.6%.

On a yearly basis, Eurozone's industrial production gained 1.9% in July, exceeding expectations for a 0.6% rise, after a 1.5% increase in June.

The increase was driven by a rise in durable consumer goods, capital goods and energy output. Durable consumer goods climbed by 2.6% in July from a year ago, capital goods rose by 2.2%, while energy output gained by 5.1%.

Non-durable consumer goods were up by 1.7%, while intermediate output was up by 0.5%.

The British pound traded lower against the U.S. dollar in the absence of any major economic reports from the U.K.

The Swiss franc traded lower against the U.S. dollar after the weak economic data from Switzerland. Retail sales in Switzerland declined at an annual rate of 0.1% in July, after a 0.9% drop in June.

Sales of food, beverages and tobacco fell at an annual rate of 0.6% in July, while non-food sales dropped 2.7%.

On a monthly basis, retail sales fell by 0.6% in July, after a 1.4% increase in June.

Sales of food, beverages and tobacco were down 0.4% in July, while non-food sales decreased 1.0%.

Switzerland's producer and import prices fell 0.7% in August, after a 0.3% drop in July.

The decline was mainly driven by lower prices for chemical and pharmaceutical products.

On a yearly basis, producer and import prices plunged 6.8% in August, after a 6.4% drop in July. It was the biggest drop since April 1950.

EUR/USD: the currency pair fell to $1.1307

GBP/USD: the currency pair declined to $1.5403

USD/JPY: the currency pair rose to Y120.43