Global macro overview for 03/08/2015:

It looks like a rather hectic week ahead of the markets as the key economic data release are coming from the UK, the USA, New Zealand, Australia, and the EU. Some important monetary policy decisions will be made alongside with the news as well (RBA and BoE interest rate decisions).

The US session looks quite busy as well, with the inflation, income, and spending figures data to be released just before the opening. Despite the fact that the most of the PMI figures from top EU countries have beaten the expectations, poor PMI reading from China (five-month low) is currently shifting the market sentiment towards the US dollar appreciation. There is no sign left of the end-on-the-month-flow EUR/USD rally from last Friday as the market reversed and gave all the gains back. The most important support comes at the level of 1.0808 and if the golden trendline is violated, it will be tested very quickly.