08:30 United Kingdom PSNB, bln June -5.99 -4.3

12:30 Canada Retail Sales YoY May 7%

12:30 Canada Retail Sales, m/m May 0.8% 0.2%

12:30 Canada Retail Sales ex Autos, m/m May 1.5% 0.0%

12:30 Canada Bank of Canada Consumer Price Index Core, y/y June 0.9%

12:30 Canada Consumer price index, y/y June 1.3% 1.1%

12:30 Canada Consumer Price Index m / m June 0.1% 0.0%

17:00 U.S. Baker Hughes Oil Rig Count July 765

In July 2017, the DG ECFIN flash estimate of the consumer confidence indicator remained broadly flat in the EU (-0.1 points to -2.3) and decreased slightly in the euro area (-0.4 points to -1.7) compared to June.

EURUSD: 1.1400 (EUR 745m) 1.1500 (835m)

USDJPY: 111.45-55 (USD 1.25bln) 111.65 (460m) 112.00 (390m)

GBPUSD: 1.3000 (GBP 360m) 1.3100 (400m) 1.3400 (395m)

EURGBP: 0.8785 (EUR 440m) 0.8800 (1.2bln) 0.8810 (870m) 0.8850 (770m)

Manufacturing activity in the region continues to grow but at a slower pace, according to results from the July Manufacturing Business Outlook Survey.

The diffusion indexes for general activity, new orders, shipments, employment, and work hours remained positive but fell from their readings in June. Respondents also reported a moderation of price pressures this month. Firms remained generally optimistic about future growth. More than one-third of the manufacturers expect to add to their payrolls over the next six months.

The index for current manufacturing activity in the region decreased from a reading of 27.6 in June to 19.5 this month. The index has been positive for 12 consecutive months, but July's reading is the lowest since November. Thirty-seven percent of the firms indicated increases in activity in July, down from 42 percent last month. The shipments index decreased 16 points, while the new orders index fell 24 points. Nearly 31 percent of the respondents reported a rise in new orders this month, down from 45 percent in June. Both the delivery times and unfilled orders indexes were positive for the ninth consecutive month, suggesting longer delivery times and increases in unfilled orders.

• Draghi says headline inflation dampened by energy prices

• Global recovery should lend support to trade

• Global recorvery supporting euro zone exports

• Sluggish reforms dampen growth prospects

• Cyclical momentum raises chances of stronger upswing

• Headline inflation likely to remain at current levels in coming months

• Downside risks relate to global factors

• Monetary policy has continued to secure very favourable financing conditions needed

• Growth yet to translate into stronger inflation dynamics

• Considers risks to growth outlook broadly balanced

"At today's meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively.

The Governing Council expects the key ECB interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases".

• Says very important to keep United States oriented towards open free trade

In the 3 months to June 2017, the quantity bought (volume) in the retail industry is estimated to have increased by 1.5%, with increases seen across all store types.

The growth for Quarter 2 (Apr to June) 2017 follows a decline of 1.4% in Quarter 1 (Jan Mar) 2017, meaning we are broadly at the same level as at the start of 2017.

Compared with May 2017, the quantity bought increased by 0.6%, with non-food stores providing the main contribution.

Feedback from retailers suggests that warmer weather in addition to the introduction of summer clothing helped boost clothing sales.

Average store prices (including petrol stations) increased by 2.7% on the year following a rise of 3.2% in May 2017; the fall is a consequence of slowing fuel prices.

Online sales (excluding automotive fuel) increased year-on-year by 15.9% and by 1.8% on the month, accounting for approximately 16.2% of all retail spending.

This reflected surpluses for goods (€26.9 billion), primary income (€11.4 billion) and services (€2.6 billion), which were partly offset by a deficit for secondary income (€10.7 billion).

The 12-month cumulated current account for the period ending in May 2017 recorded a surplus of €348.7 billion (3.2% of euro area GDP), compared with one of €371.0 billion (3.5% of euro area GDP) for the 12 months to May 2016 (see Table 1 and Chart 1). This development was due to decreases in the surpluses for goods (from €364.9 billion to €348.0 billion) and services (from €65.4 billion to €49.1 billion), and an increase in the deficit for secondary income (from €121.4 billion to €142.0 billion). These were partly offset by an increase in the surplus for primary income (from €62.1 billion to €93.6 billion).

EUR/USD

Resistance levels (open interest**, contracts)

$1.1605 (5063)

$1.1588 (2722)

$1.1568 (2975)

Price at time of writing this review: $1.1515

Support levels (open interest**, contracts):

$1.1450 (1007)

$1.1417 (2400)

$1.1379 (2781)

Comments:

- Overall open interest on the CALL options and PUT options with the expiration date August, 4 is 68455 contracts (according to data from July, 19) with the maximum number of contracts with strike price $1,1500 (5063);

GBP/USD

Resistance levels (open interest**, contracts)

$1.3134 (2201)

$1.3112 (2249)

$1.3082 (1699)

Price at time of writing this review: $1.3021

Support levels (open interest**, contracts):

$1.2968 (346)

$1.2940 (384)

$1.2907 (1226)

Comments:

- Overall open interest on the CALL options with the expiration date August, 4 is 26966 contracts, with the maximum number of contracts with strike price $1,3100 (3031);

- Overall open interest on the PUT options with the expiration date August, 4 is 25655 contracts, with the maximum number of contracts with strike price $1,2800 (2958);

- The ratio of PUT/CALL was 0.95 versus 0.92 from the previous trading day according to data from July, 19

* - The Chicago Mercantile Exchange bulletin (CME) is used for the calculation.

** - Open interest takes into account the total number of option contracts that are open at the moment.

In the first six months of 2017, both exports (+ 4.4%) and imports (+ 4.8%) rose considerably. While the former record a new record, the imports record the highest value in 8 years. In both trading directions, the chemical-pharmaceutical products made a significant contribution to overall growth. The trade balance closed with a surplus of 19 billion francs.

In June 2017 the index of producer prices for industrial products rose by 2.4% compared with the corresponding month of the preceding year. In May 2017 the annual rate of change all over had been 2.8%, as reported by the Federal Statistical Office.

Compared with the preceding month May 2017 the overall index remained unchanged in June 2017 (-0.2% in May and +0.4 in April).

In June 2017 the price indices of all main industrial groups increased compared with June 2016: Prices of non-durable consumer goods rose by 3.9%, prices of intermediate goods by 3.2%. Energy prices rose by 1.6%, though the development of prices of the different energy carriers diverged. Prices of electricity increased by 4.3% and prices of petroleum products by 1.6%, whereas prices of natural gas (distribution) decreased by 6.1%. Prices of durable consumer goods and prices of capital goods increased each by 1.0%.

Seasonally adjusted estimates (monthly change):

Employment increased 14,000 to 12,166,900. Full-time employment increased 62,000 to 8,356,000 and part-time employment decreased 48,000 to 3,810,800.

Unemployment increased 13,100 to 728,100. The number of unemployed persons looking for full-time work increased 9,200 to 500,600 and the number of unemployed persons only looking for part-time work increased 3,900 to 227,500.

Unemployment rate remained steady at 5.6%, following a revised may 2017 estimate.

Participation rate increased by 0.1 pts to 65%.

Monthly hours worked in all jobs increased 8.9 million hours (0.5%) to 1,703.5 million hours.

Trend estimates (monthly change):

Employment increased 26,400 to 12,160,100.

Unemployment decreased 3,700 to 726,800.

Unemployment rate decreased less than 0.1 pts to 5.6%.

Participation rate remained steady at 64.9%.

Monthly hours worked in all jobs increased 6.2 million hours (0.4%) to 1,691.5 million hours.

"At the Monetary Policy Meeting held today, the Policy Board of the Bank of Japan decided upon the following.

(1) Yield curve control The Bank decided, by a 7-2 majority vote, to set the following guideline for market operations for the intermeeting period. The short-term policy interest rate: The Bank will apply a negative interest rate of minus 0.1 percent to the Policy-Rate Balances in current accounts held by financial institutions at the Bank. The long-term interest rate:

The Bank will purchase Japanese government bonds (JGBs) so that 10-year JGB yields will remain at around zero percent. With regard to the amount of JGBs to be purchased, the Bank will conduct purchases at more or less the current pace -- an annual pace of increase in the amount outstanding of its JGB holdings of about 80 trillion yen -- aiming to achieve the target level of the long-term interest rate specified by the guideline.

(2) Guidelines for asset purchases With regard to asset purchases other than JGB purchases, the Bank decided, by a 7-2 majority vote, to set the following guidelines.

a) The Bank will purchase exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs) so that their amounts outstanding will increase at annual paces of about 6 trillion yen and about 90 billion yen, respectively.

b) As for CP and corporate bonds, the Bank will maintain their amounts outstanding at about 2.2 trillion yen and about 3.2 trillion yen, respectively".

(pare/closed(GMT +2)/change, %)

EUR/USD $1,1516 -0,32%

GBP/USD $1,3021 -0,10%

USD/CHF Chf0,95502 +0,07%

USD/JPY Y111,87 -0,15%

EUR/JPY Y128,85 -0,47%

GBP/JPY Y145,687 -0,29%

AUD/USD $0,7951 +0,49%

NZD/USD $0,7355 +0,16%

USD/CAD C$1,26006 -0,20%