GREECE: Set To Plan Fiscal Relief Measures: Bloomberg

A relatively flat start to EUR STIR trade this week, with a downtick in Tsys (perhaps linked to suggestions that U.S. President Trump can ultimately have little influence on the BLS data, despite the recent personnel changes, see our exclusive: Ex-Chief Says BLS Can Withstand Trump Pressure) helping Euribor futures away from Friday highs

• Euribor futures are +0.5 to -1.5.
• ECB-dated OIS shows 4bp of easing for next month, 8bp through October and 16bp through year-end. The strip then prices ~21.5bp of cumulative easing through March, with Friday’s soft U.S.NFP & ISM data outcomes having dovish readthrough into wider core global FI markets.
• In terms of weekend ECBspeak, Makhlouf noted that rates are at a level that allow the Bank to deploy a wait-and-see approach, while Patsalides said that the Eurozone economy appears to be resilient, at the same time stressing that any future moves are data dependent and it would be premature to deem the July decision as the start of a pause (not a huge surprise given typical stances).
• Ultimately, feedthrough from the U.S. tariffs on economic growth and ongoing interplay between slowing wage growth and inflation will continue to be eyed in the coming months.
• Final services PMIs and ECBspeak present the focal points of this week’s Eurozone calendar.

• RES 4: $81.12 - 3.000 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $80.00 - Psychological round number
• RES 2: $77.75 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
• RES 1: $70.96/75.98 - 61.8% of the Jun 23-24 downleg / High Jun 23
• PRICE: $67.44 @ 07:39 BST Aug 4 
• SUP 1: $65.37/62.84 - 50-day EMA / Low Jun 24 and bear trigger  
• SUP 2: $58.17 - Low May 30
• SUP 3: $54.66 - Low May 5
• SUP 4: $54.01 - Low Apr 9 and a key support  

WTI futures slipped into the Friday close, erasing the gains posted earlier in the week. Support to watch is the 50-day EMA, at $65.37. The average has been pierced, a clear break of it would expose $58.17, the May 30 low. Gains early last week marked an extension of a corrective cycle - which may now have concluded. $69.41 marks the 50.0% retracement of the Jun 23-24 downleg - an important level at the close. A continuation higher would open $70.96 next, the 61.8% retracement point. 

• The Dollar has seen some similar price action noted in other multi Cross Assets, like Bonds, Rates and Equities, the Greenback has unwound some of Friday's Weakness, but if you look at the bigger picture across the board these moves are overall small.
• Looking at the World most traded Pair, the EURUSD was trading at 1.1405 pre NFP, it printed a 1.1551 low overnight.
• The super Volatile USDJPY, plummeted from 150.52 down to a 147.30 low on Friday, printed a 147.06 low Overnight, but has found some support to register a 147.91 high, now exchanges hands at 147.62.
• The Swiss CPI came 1 tenth above expectation, and although the USDCHF initially pushed lower, it is now making a new intraday high, CHF is the worst performer in G10, but USDCHF would need a rally all the way to 0.8161 to reverse Friday's NFP sell Off.