Taking that into consideration, it might explain the more cagey mood among major currencies at the moment – barring the Japanese yen of course. The dollar was beaten down heavily last week but is putting its foot down this week, aided by a strong recovery in USD/JPY especially. It looks like we’ll have to wait until the key central bank decisions next week to settle the score next.

Here is the weekly outlook alongside some big data to watch out for:

Monday, 24 July

• France July flash PMI data
• Germany July flash PMI data
• Eurozone July flash PMI data
• US July flash PMI data

Wednesday, 26 July

• Australia Q2 CPI figures
• FOMC meeting policy decision
• Fed chair Powell press conference

Thursday, 27 July

• ECB monetary policy decision
• ECB president Lagarde press conference
• US Q2 advanced GDP figures
• US weekly jobless claims

Friday, 28 July

• BOJ monetary policy decision
• France Q2 preliminary GDP figures
• France July preliminary CPI figures
• Germany July preliminary CPI figures
• US June PCE price data

This article was written by Justin Low at www.forexlive.com.