Because of the light calendar, traders are likely to make decisions based on price action and sentiments. USDJPY is trading around 111.00 with not much of an action in the last few days. The major pair is moving in a descending pattern since 19th of July when USDJPY reached 113.00 level and we would expect that downtrend to continue.

The British pound is trading down waiting for the Bank of England interest rate decision that is scheduled for today at 11:00 GMT. The BoE is expected to deliver a 25 basis points rate hike. We are expecting further drops and GBPUSD to test 1.3060 before it makes a correction and eventually to close higher on the day.

The U.S. dollar conquers 112.00 against the Japanese Yen with more import tariffs slapped on China. Yesterday, the Bank of Japan prompted some selling around the Japanese Yen which additionally boosted USDJPY to surpass 112.00 level. Today's key focus would be on Fed's monetary policy statement that is scheduled for 18:00 GMT, traders will expect to get some fresh clues over the upcoming rate hakes.

EURUSD is trading on the downside, with the GDP reports for the second quarter suggested that growth in the Eurozone expanded just 0.3%. The slower economic growth and higher demand for U.S. dollars may push the pair further down and EURUSD eventually to close lower on the day. Looking on the calendar, traders should be interested in Fed's decision on interest rates that is scheduled for 18:00 GMT today.

EURUSD is trading higher around 1.1740 after EU inflation and GDP data, while the data is mixed, the ECB cares about inflation more than anything else. We would expect the pair to retrace some of the recent gains and eventually close lower on the day. Looking on the calendar, U.S. core PCE report is coming next and could potentially straighten the U.S. dollar.

The British pound is looking to recover after recent losses and probably to close higher on the day. The highly anticipated BoE monetary policy decision, which is scheduled for this Thursday, will provide high volatility and traders must be ready to take action.

The EURUSD major pair is trading in a range since end of May this year and it will probably continue in August in the same way. For today, we would expect action to happen in the range between 1.1630 - 1.1680 levels and the pair eventually to close near the upper level. The German Inflation data report is scheduled for today 12:00 GMT, but with monetary policy divergence, it is unlikely to influence the market heavily.

Investors in the UK will be looking to see EU response to the Brexit white paper. GBPUSD just recently hit new 10-month lows in reaction to disappointing UK data. Currently, the British pound is trading lower at around 1.3020 and we expect the pair to close lower for 21:00 GMT.

The Euro is trading lower around 1.1650 amid rising fears of currency wars. On a light calendar, traders would be considering end of the week profit taking and warning signals from IMF about trade wars. Looking at the charts we can see strong bears taking over once again and EURUSD eventually closing lower for 21:00 GMT.

With the UK inflation stagnated at 2.4% the British pound hit new lows near 1.3000 level and we would expect a correction in the near terms. Looking at the chart we see a potential support at 1.3040 the could hold the pound from further drops and eventually closing higher on the day.

Today, the Euro continued to lose ground with more signals confirming a strong US economy. Currently, EURUSD is trading near 1.1600 level and we expect to retrace some losses in the near terms which will eventually send the common currency closing higher on the day. The EU Consumer Price report is scheduled for 09:00 GMT.

Today, traders will be looking to hear Fed's Jerome Powell speech who is expected to deliver remarks in Congress for eventual rate increases. Currently, the Euro is trading higher 0.15% at 1.1730 and we see it as top formation that could push the prices lower to test 1.1700 level. Please keep in mind that it is a risky call as prices might bounce from the lower levels.

The British pound continued to flub lower by Trump's comments favoring hard Brexit. The White Paper published by the UK government also has triggered some negative reactions. That document still needs to be analyzed before we see the true reaction of the markets . We would expect GBPUSD to continue suffering and test new lows at the hands of confused bears.

GBPUSD is pushing to reach important level 1.3220, we would expect the currency pair to break that level and touch 1.3240 before it drops again. The price action will be mostly likely settled in the range 1.3180 - 1.3240. The UK government is scheduled to publish Brexit “white paper” laying out Britain’s future relationship with the EU.

Today, traders would be looking to ECB Monetary Policy Meeting that is scheduled for 11:30 GMT. Looking on the one hour chart we see a bearish flag formation that could send the Euro further down to test 1.1650. We expect the price action to reach 1.1700 before the drop resumes.

Yesterday, the major pair found resistance at around 111.30 and later on gave up the gains with a drop to 110.80 level. Today, the wires are once again hit by the trade war, with US planning to levy tariff on USD 200bn of Chinese goods. Currently, USDJPY is trading around 111.00, we would expect an immediate effect on the U.S. dollar and prices to reach 111.30 level.

The post-payrolls sell-off pushed the EURUSD to a high of 1.1790, and we would see a drop to 1.1700 as a healthy correction, before the uptrend resumes. Today, traders would be looking for the German ZEW surveys data, that is scheduled for 09:00 GMT.

The U.S. department of Labor Statistics will be releasing the monthly official payrolls report today. According to the economists polled, today's payroll figures are expected to show that the U.S. economy added 200k jobs during the month of June. This marks a somewhat slower pace of momentum compared to 223k jobs that were registered the month before.

It is going to be a volatile day for the U.S. dollar with the release of the ADP's private payroll numbers. The data, which is due to be released at 13:15 GMT is forecast to show that the U.S. economy added 190k jobs during the month of June.

EURUSD looks to 1.1700 ahed of Eurozone PMIs, we would expect a slow day amid holidays in the United States. Yesterday, the Euro was boosted by the migration deal in Germany, and we will probably see the positive run continue in the near term. Currently, Euro is trading up 0.15% at 1.1670 and with the U.S. markets closed today, we will eventually see the pair closing higher on the day.