Onto NY Empire Manufacturing

USD attempts some consolidation, while the common currency along with GBP trades within a narrow range not far off Friday's close. European equity indices are losing about 0.5%. Details of Ashraf's Singapore appearances (this week) are below.

In the traditional summer press conference chancellor Merkel confirmed that the ECB bond buying is justified by its mandate and that there is a need for more political coordination in the Eurozone. Regarding Greece Merkel said that Germany is ready to help Greece and it wants Greece to succeed but it must hold onto its commitments.

Reuters reported that president Obama will launch a WTO trade enforcement action against China over auto and auto parts subsidies. The move is seen as political as president Obama is campaigning in Ohio which is a state that relies heavily on the auto industry.

Eurozone current account surplus declined in July to EUR 9.7 bln from previous EUR 14.3 bln and the trade balance surplus rose to EUR 15.6 bln from 13.6 bln. Annual exports grew solid 11% while imports grew only 2%. EURUSD pulled to 1.3092 and currently trades around 1.3110.

The data calendar for the NY session is limited to Empire state manufacturing that is expected to improve in September to -1.9 from previous -5.9 and Canadian foreign securities purchases that are anticipated to rise to CAD 11.3 bln in July after CAD -7.9 bln in June. Both reports are due at 8:30 am ET.

ASHRAF IN SINGAPORE: The first event will start on Tuesday evening. For ALL DETAILS on dates, times & venue, please click on the link http://www.cityindex.com.sg/learn-to-trade/seminars.aspx