日本6月零售销售令人失望，中国决定本周开始全国范围内的政府债务审计，使得亚洲市场本周开盘全面下跌。其中日经225指数下跌3.12％，恒生指数和上证综指分别下跌0.64％和1.75％。在日本，有关在2015年之前分两个步骤提高销售税的会谈已经将风险转向下行。

　　美元兑日元和日元交叉盘隔夜下跌。伴随着日经股市的下跌，美元兑日元已扩大跌幅至97.64，交易情绪由正转负。买盘位于97.50之上，然后是97.00。零售销售和零售贸易的意外下降也有助于日元走高。

　　隔夜，欧元兑美元在东京市场维持1.3272-94窄幅震荡。卖盘位于1.3300左右，而止损盘位于该水平之上。趋势势头较为积极，但投资者应该谨慎对待本周的事件风险：联邦公开市场委员会会议（周三）和欧洲央行会议（周四）

　　鉴于联邦公开市场委员会会议将于周三召开，而且美国劳动力市场数据也将于本周下半周释放，美元目前继续走软。在亚洲市场，美国10年期政府债券收益率回落至2.5475％，美国股指期货也有所下降。

　　在澳大利亚，澳元与美元的恢复受制于0.9300之前的卖盘。澳洲联储爱德华兹重申，澳大利亚经济增速低于趋势，致使澳元兑美元回落至0.9242。澳洲联储降息预期的可能性已上升至77％。

　　英镑兑美元上周五已反弹至1.5435，但因对周五的PMC会议预期温和，其交易价在大多数时候均低于1.5400。英国7月房屋价格增速放缓，英镑今早测试日运底，大量抛售压力位于1.5380左右。

　　今天，市场重点关注瑞典零售销售月率和年率、意大利7月经济情绪指数和6月时薪月率和年率、英国6月消费者信贷净额、住宅贷款证券净额、M4货币供应月率和年率、美国6月成屋待完成销售月率和年率以及美国6月达拉斯联储制造业活动。

　　Asia started the week in red territories as Japan retail sales disappointed in June and China decided to start a nationwide audit on government debt this week. The Nikkei 225 lost 3.12%, Hang Seng and Shanghai’s Composite retreated 0.64% and 1.75% respectively. In Japan, talks on raising sales tax in two steps by 2015 turned the risk off.

　　USDJPY and JPY crosses were offered overnight. USDJPY extended losses to 97.64 alongside with Nikkei stocks, sentiment turning negative. Bids are seen above 97.50 then 97.00. The unexpected drop in retail sales and retail trade helped the yen higher.

　　EURUSD consolidated gains in the tight range of 1.3272/94 in Tokyo. Offers camp around 1.3300, while stops are reported above. Trend momentum is positive, yet traders should be cautious to event risk with FOMC and ECB meetings on Wednesday and Thursday.

　　USD weakness persists ahead of the FOMC meeting on Wednesday and the US labor market data due through the second half of the week. The 10-year government bond yields retreated to 2.5475%, the US equity futures were offered in Asia.

　　In Australia, Aussie recovery versus dollar was capped by offers pre-0.9300. AUDUSD eased back to 0.9242 as RBA Edwards reiterated that the economy is growing below the trend. The expectations on RBA rate cut increased to 77%.

　　GBPUSD rallied to 1.5435 on Friday, yet traded mostly below 1.5400 on dovish BoE expectations from the MPC meeting on Thursday. The house prices in UK rose at slower pace in July and the cable is testing the daily cloud bottom this morning, with decent sell pressure at about 1.5380.

　　Today, the focus in on Swedish Retail Sales m/m & y/y, Italian July Economic Sentient and June Hourly Wages m/m % y/y, UK June Net Consumer Credit, Net Lending Securities on Dwellings, M4 Money Supply m/m & y/y, US June Pending Home Sales m/m & y/y and US June Dallas Fed Manufacturing Activity.