Euro down a touch versus dollar

The euro has slipped to just below $1.18 this morning and is now down about a cent from where it was a week ago. Against sterling, the single currency has picked up a marginal amount and is trading close to 86p, but still in a tight trading range. Sterling has therefore, lost ground to the dollar dipping below $1.3750

US 10 years yields spiked to over 1.4% during last week but receded again to around 1.3% by the end of the week, and have shed another few bps in early trading today and are down 1.26%. German 10 year yields saw a small decline last week, and are at -0.37% today

US retail sales rose 0.6% in June, higher than expectations. Gains were broad based and encouraging moving into the summer. However, University of Michigan consumer sentiment dipped in July to 80.8 from 85.5 with favourable buying attitudes stepping back amid concerns about rising prices, pushing up inflation expectations

OPEC+ has finally reached an agreement to raise output which has caused oil prices to move slightly lower this morning. Oil prices had moved up as Saudi Arabi, the UAE and Russia seemed far apart on how much much to raise production but a compromise was finally reached on Sunday to keep members happy for now

On the agenda this week, on ECB meeting on Thursday will be the main event with flash PMI’s from the major economies, EA industrial production and UK retail sales also due up