The risk-off sentiment dominated the early sessions starting out a fresh week this Monday, as the traders were hurt by renewed US-China trade tensions after Friday’s report that Trump officials are weighing limits on US investors portfolio flows into China.

Asian equities traded mixed while S&P 500 futures and Treasury yields, unable to lift USD/JPY further above 108.00 amid a broad-based US dollar consolidation. In the European open, the EUR/USD pair traded modestly flat below 1.0950, with the bias still leaning to the downside. GBP/USD kept its range below 1.2300 ahead of the key UK political and economic events.

We have a hectic macro calendar to kick-off a big week ahead, with the German economic news to headline amid Brexit chaos and renewed US-China trade tensions. German Preliminary Harmonized Index of Consumer Prices for September at 12:00 GMT. From the UK docket, the Q2 Final GDP revision, Current Account and Total Business Investment data will be reported at 08:30 GMT among other minority reports.

Later in the NA session, the US regional Manufacturing data are due around 14:00 GMT. Despite the macro news, the market mood is likely to remain at the mercy of the trade and political developments.

On the commodities’ front, Gold traded on the back foot below $1,500 levels while oil prices traded little changed, awaiting fresh geopolitical developments for the next direction.