US Consumer Sentiment and Fed Monetary Policy Report are due to be released

At 11:00 GMT, UK MPC Member Cunliffe is due to speak at the Cumbria Chamber of Commerce, in England. GBP pairs can move because of this event.

At 14:00 GMT, US Michigan Consumer Sentiment Index (Jul) is expected to come in at 98.2 against a previous 98.2. The March reading was a record high for the index at 102.0 and the data is showing the number holding under the 100.0 level since with no change expected today. USD pairs can react to this data release as a barometer of consumer spending.

At 15:00 GMT, US Fed Monetary Policy Report is due to be released. This report is release twice a year and provides an insight into the conduct of monetary policy and economic developments and prospects for the future for the Senate Committees to review. USD pairs can be moved by the content within the report.

At 16:30 GMT, US FOMC Member Bostic is due to speak at a scheduled event. USD pairs can be moved by any comments made.

At 17:00 GMT, Baker Hughes US Oil Rig Counts is due to be released with a headline number from last week of 863 that ticked higher from 858 previously. Oil prices fell on Wednesday after a bigger than expected draw in inventories. This has led to 4 weeks out of the last 5 having bigger than expected draws. But it was Libyan intentions to increase production that sent prices lower. WTI Oil can become volatile around this data release and will be in traders’ minds when trading resumes on Monday.