 Welcome to Tick-Mail weekly market outlook for week menacing August the 15th with me, Patrick Manley. The week ahead we'll see tier one data for most major economies. The US economic calendar is packed with key readings such as Tuesday's July CPI, expected to hold steady at 0.2%. Thursday we'll see retail sales and industrial production data, the latter likely to reflect weakness in domestic manufacturing driven by the ongoing China trade dispute and the robust US dollar. Aside from the headline releases, the market will also receive the NFIB Small Business Optimism Index, import prices, as well as the first batch of regional manufacturing surveys. Data on the housing front includes housing starts and building permits along with the NAHB Housing Market Index. The European docket is equally interesting. Tuesday's second reading of second quarter GDP growth is expected to be left unchanged at 0.2%, quarter over quarter, weighed by ongoing sluggishness in the manufacturing sector. Monday's German ZEW investors confidence is expected to track the recent plunging CENTIX investor readings as US trade tensions have recently heightened. Industrial production numbers and trade data are also on deck and factory's production is likely trending down again, taking its cue from the deterioration in recent manufacturing PMIs. Across the channel in the UK, releases comprise of the June Job Report which is expected to remain solid despite the ongoing political headwinds. Wednesday we'll see the release of CPI with inflation seen anchored by the weaker sterling. Thursday's retail sales should meet market expectations with consensus suggesting the firm labour market is set to continue to support spending. The Japanese data bag highlight is Thursday's industrial production, likely to remain depressed by driven by the weakness in global manufacturing and trade. This weakness will also likely be reflected in core machine orders slated for release Wednesday. Down under in Australia, second quarter wage data is set for release Wednesday and will likely to continue to lag with little change expected. However, the main focus will be on Thursday's July Jobs Report. Employment growth is set to slow but moderating participation from near record highs will likely limit the rise in unemployment. Okay, now we have an understanding of the fundamental drivers for the week. Let's take a look at the charts and see what the technicals are telling us. The Euro dollar has recovered sharply from last week's fresh year to date lows and I remain constructive on this pair as we trade above the 11170 handle. I would get even more bullish if we can get a close above the 11250 and then be targeting a move to test above 113 and then above 114 in extension. However, my bullish bias would be negated if we see a close below the 11170 handle. This would suggest we're likely to see a grind lower to retest the year to date lows. I remain bearish on the sterling pounds as we continue to track lower here. The break below this week's consolidation is a further bearish development and would likely suggest that if we close at or near the lows here, we'll see an early assault on the 120 handle next week. I could only get constructive on this pair if we can see a close above the 122 handle, which would then suggest we likely trade back to test prior lows at the 124. The Australian dollar had a difficult start to the week with prints below the 67 handle, almost decade-long lows there. We've seen a sharp recovery from those lows and if we can get a close back now above yesterday's high, currently at the 68-22 level, then I would get constructive on this pair for the short term with a test of the 69 handle life. However, if bears come out at the 69 handle, then we are likely to see a retest of the lows towards the 67 level. A close above 69 would be a bullish development and then we likely see a move up to test the channel resistance at the 70-30 level. The Canadian dollar has stalled this week after printing highs above the 133.30 handle. Yesterday's bearish reversal didn't get any early follow-through today, but we are potentially going to see a bearish close today. If we do get that close, then I would suggest that we are likely to see a correction here, probably trading back towards the 131 handle next week. However, if we don't get a bearish close and we close back towards today's highs, up towards the 132.80 area, we likely retest the 133.40s and then up towards the 134 and 135 handle in extension. The dollar yen is on the back foot again, retesting this week's lows below the 106 handle. If we close at or near the lows today, then it's likely that early next week we will test the 104.80, where we should see some profit taking and the potential for a short-term recovery back up towards the 107 prior lows. Gold continues to trade with a bid tone. We are now consolidating above the 1500 level, and as we do so, we can expect to move up to test towards the upper volatility resistance at 15.30. However, a close back below the near-term volume-weighty moving average at 14.87 currently would suggest that we likely track back down to retest prior highs at the 14.50 handle. However, a test of this level I would see as a potential buying opportunity and would look to initiate long positions in and around 14.50 to 14.40, targeting a retest of the current highs and then up towards the 15.50 handle in extension. The DAX has continued to track lower, breaking down from its uptrending channel, and we are seeing some reversal in the attempted recovery that we've seen early this week. Whilst we can't get a close above the 11.008.50 level, then it's likely we're going to grind lower, retest the current lows at the 11.468 handle, and then likely down in extension to test the 11.200 level at the middle of next week. However, if we can close above the 11.8.40 level, then I would anticipate that we grind up in a recovery to retest the broken trend line support, which should then potentially act as resistance towards the 12.200 level where we could see fresh sellers emerge. And that concludes the weekly market outlook for week commencing August the 15th.