The UK Markit/CIPS Services PMI for August is predicted at 55.5, and the UK Markit/CIPS Composite PMI is predicted at 55.3. Forex traders can compare this to the UK Markit/CIPS Services PMI for July, reported at 59.6, and the UK Markit/CIPS Composite PMI reported at 59.2.

Australian and New Zealand trade data came in better than expected, but inflation was hotter than forecast in South Korea. Traders will get more inflation data out of Switzerland and the Eurozone this morning. Other reports that may influence the gold price are trade data out of India and industrial production figures from Brazil. Following yesterday’s disappointing ADP employment data out of the US, which saw a downward revision to the previous month, the focus will shift to US initial jobless claims later in the session.

The NZD/USD is consolidating near 0.7000 on Monday holding on to gains made on Friday.

UOB Group analysts note that EUR/USD could rise to 1.1835 in the coming weeks.