ForexLive European FX news wrap: Dollar stays on the ropes, awaits US retail sales

<p>Headlines:</p><ul><li><a href="https://www.forexlive.com/news/dollar-stays-in-a-tough-spot-so-far-to-start-the-week-20230718/">Dollar stays in a tough spot so far to start the week</a></li><li><a href="https://www.forexlive.com/news/will-uk-inflation-data-give-sterling-another-boost-this-week-20230718/">Will UK inflation data give sterling another boost this week?</a></li><li><a href="https://www.forexlive.com/centralbank/ecbs-knot-rate-hikes-beyond-july-possible-but-not-certain-20230718/">ECB's Knot: Rate hikes beyond July possible but not certain</a></li><li><a href="https://www.forexlive.com/news/deutsche-bank-cuts-china-full-year-gdp-growth-forecast-to-53-from-60-previously-20230718/">Deutsche Bank cuts China full year GDP growth forecast to 5.3% from 6.0% previously</a></li><li><a href="https://www.forexlive.com/news/china-announces-some-measures-to-bolster-use-of-consumer-goods-and-services-20230718/">China announces some measures to bolster use of consumer goods and services</a></li></ul><p>Markets:</p><ul><li>JPY leads, NZD lags on the day</li><li>European equities little changed; S&amp;P 500 futures flat</li><li>US 10-year yields down 3.7 bps to 3.760%</li><li>Gold up 0.5% to $1,965.22</li><li>WTI crude up 0.4% to $74.46</li><li>Bitcoin up 0.4% to $30,040</li></ul><p>It was a quiet session with there being no major economic releases in European trading today.</p><p>Markets were generally slower as we gear towards the US retail sales data to come later in the day. Major currencies stuck in narrow ranges with the dollar keeping mildly lower but little changed overall.</p><p>EUR/USD moved up slightly to a high of 1.1275 earlier but is now just up 0.1% at 1.1245 on the day. Meanwhile, GBP/USD is keeping just below the 1.3100 mark while USD/CHF continues to test waters below 0.8600 today.</p><p>USD/JPY is a decent mover but is only seen down 0.3% to 138.30 with the earlier low touching 138.10 during the session. The aussie is little changed against the dollar with AUD/USD at 0.6810 while NZD/USD is marked down by 0.5% to 0.6290.</p><p>In other markets, equities are little changed overall as investors stuck with a more tepid mood ahead of the big data today. Treasury yields are slightly lower, keeping the retreat from last week for the most part.</p><p>It's all about the US retail sales data next and considering the dollar's technical vulnerabilities, <a href="https://www.forexlive.com/news/eurusd-inches-higher-as-buyers-get-a-little-impatient-20230718/" target="_blank" rel="follow">it may still end up being a tough one</a> for the greenback to get off the floor this week.</p>

This article was written by Justin Low at www.forexlive.com.