Themes

· General mood is “risk off”

· Australian Retail Sales as expected at +0.9%

· Tight ranges in Asia today

What’s Moving

It was a quiet open to trading in forex in Asia this morning, with local players wary of recent offshore volatility and with China on holidays today.

Weaker oil prices should act as pressure for the CAD, but the downside in Aisa has been light.

Tonight should see a quiet one in Europe, with both he U.K. and Italy out on holidays. The U.S. session will see some key data and players will be interested to see whether Dollar strength continues.

Data tonight sees:

· Swiss CPI (E: +0.3%)

· Spanish Unemployment Change (E: -33.5k)

· Euro-zone PMI (E: 2.3%)

· U.S. ADP Non-Farm Employment Change (E: 295k)

· U.S. Initial Claims (E: 210k)

· U.S. Factory Orders (E: +0.8%)