Event wise we are at the start of a quiet week, but developments in the global trade war, could trigger volatility. US tariffs on Chinese imports have been announced by Donald Trump but according to reports, the US is having “very productive” discussions with China, on fair trade.

Don’t miss out today on the extensive data to be released in the UK today, especially the Monetary Policy Summary and BoE Minutes. Across the pond, Donald Trump is widely expected to announce today tariffs on Chinese goods. How will China retaliate? The EU is thought to be next in the firing line.

Employment data is the major concern of GBP traders today as the markets await the UK’s Average Earnings and Employment Rate data this morning. Traders are also cautious this morning, pending the FOMC rate decision. A rate hike is expected today, but the question is, how many such increases will we face this year?

Sterling is going strong this morning the announcement of a transition deal with the EU. Traders are now keenly waiting for the extensive economic data out today in the UK, including the Consumer Price Index and the Producer Price Index and don’t miss the German ZEW Economic Sentiment. EUR traders beware.

The EU has published a ‘retaliation list’ of American goods that will be taxed in Europe, if the US steel and aluminum tariffs are imposed. The European and British economic calendar are quite light today, but keep an eye on news from the G20 meeting being held in Argentina.

Traders are following the UK/Russia tension for fears of volatility and worries about global trade are affecting the markets. With no major British or European events today, traders should follow international events for volatility, Don’t miss the Swiss Interest rate decision this morning.