Headlines:Major currencies little changed for the most part todayGold falls back after upside move stalls at key resistance levelEU says continues to engage intensively with US on tariffsEU member states back potential counter-tariffs of €93 billion of US goodsJapan PM Ishiba says will do utmost to ensure trade deal with US is implementedEU's von der Leyen says had an excellent meeting with China president Xi todayEU's von der Leyen says rebalancing bilateral relations with China is essentialChina president Xi says current challenges facing EU do not come from ChinaFrance July preliminary services PMI 49.7 vs 49.6 expectedGermany July preliminary manufacturing PMI 49.2 vs 49.5 expectedEurozone July preliminary services PMI 51.2 vs 50.7 expectedUK July preliminary services PMI 51.2 vs 53.0 expectedUK July CBI trends total orders -30 vs -28 expectedMarkets:AUD leads, GBP lags on the dayEuropean equities mostly higher; S&P 500 futures up 0.1%US 10-year yields up 2.2 bps to 4.409%Gold down 0.7% to $3,363WTI crude up 0.9% to $65.88Bitcoin up 0.6% to $118,721We finally got some economic data to move things along in European trading today. However, markets are still very much dominated by trade headlines this week.Investors gathered a sense of optimism on a US-EU trade deal early on and that translated to strong gains for equities to start the session. However, that quickly dissipated as we are seeing a more measured mood ahead of US trading later.US futures are seen more mixed with tech shares continuing to hold everything together. Nasdaq futures are up 0.3% with Alphabet shares set to surge at the open after the earnings beat yesterday. Nvidia is also set for a higher open and that's going to help give broader tech shares a lift to start the day.Outside of tech though, Dow futures are down 0.4% and that's limiting the market mood as what we're seeing in Europe as well.In FX, the dollar is keeping steadier across the board. EUR/USD is down 0.2% to 1.1747 but nothing significant even as euro area PMI data held up well. The data doesn't do much to distract from the ECB later with trade developments still the more pertinent concern currently for the euro and the ECB outlook.GBP/USD did ease a little lower from 1.3560 to 1.3540 after a softer UK PMI data. Meanwhile, USD/CAD is seen up 0.1% to 1.3610 while AUD/USD is still eyeing more breathing room on a breakout above 0.6600 this week. The pair is lightly changed, up just 0.1% to 0.6610 currently.All in all, there's not too much movement in the major currencies space.In other markets, gold is down after keeping with the rejection from key resistance around $3,430-35 earlier this week. The precious metal is down 0.7% to $3,363 as buyers are starting to lose appetite to stick with a second test of the region above.Meanwhile, cryptocurrencies are continuing to hang at the highs in awaiting further breakout momentum. Bitcoin is up slightly around $118,700 while Ethereum is pushing back above $3,600 after cooling down in recent days following a run above $3,800 previously. The big level for the latter remains the $4,000 mark - one that rejected the upside move all throughout 2024. This article was written by Justin Low at investinglive.com.