It is practically not worth talking about any market specific fundamentals or economic releases, with the market seemingly content in moving in one direction and one direction only as the Euro once again ascends to fresh multi-day highs against the buck beyond 1.2800 thus far.

Sentiment in general remains wary on US double dip fears, Europe funding concerns and uncertainty over China. Trade was relatively quiet in Asia with limited incentive to trade ahead of a slew of key economic releases this week, culminating in June’s NFP release.

Crude oil will take its cues from inventory data and a spat of U.S. economic releases on Wednesday, while gold remains in a critical technical area.

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While the interest rate announcements and GDP reports have grown in prominence as market moving economic releases; the US nonfarm payrolls (NFP) release is still considered the dollar’s top event risk. However, as we have seen for months now, the data’s influence over the currency is not as straightforward as simple economics would suggest. Not only is it unclear whether this data will play more on the recovery of activity and interest rates in the US; but the greenback’s own attachment to risk trends has been thrown into doubt. Furthermore, a sharp increase in volatility and the return of “crisis” concerns has cast a shadow over the markets. This could prove a vital driver for an already active currency; or it may be completely overlooked.