AUD/USD rose to its post-wedge target overnight as the US Dollar weakened despite a drop in US equity indexes. The RBA and Nancy Pelosi’s Taiwan visit present risks to market sentiment.

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EUR/USD may attempt to test the former support zone around the May low (1.0349) as it stages a four-day rally for the first time since March.

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The S&P 500 and Nasdaq decline modestly at the start of the new month, ending a three-day winning streak, but this may be a temporary respite ahead of the next leg higher.

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The Yen has come back to life as markets digest a recession fears and the FOMC reaching its «neutral range.»

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The first week of August sees a typically busy economic calendar, with a global focus after last week’s US-centric offering.

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