EU says have made good progress on trade talks with the USWhat are the interest rate expectations for the major central banks?Eurozone May retail sales -0.7% vs -0.7% m/m expectedUBS expects the ECB to cut its key policy rates in JulyEurozone July Sentix investor confidence 4.5 vs 1.1 expectedOPEC+ will likely approve another output increase of around 550,000 bps for SeptemberECB's Nagel: German fiscal policy impulses to outweigh effect of tariffsChina gold reserves rise for eigth straight monthSNB total sight deposits w.e. 4 July CHF 459.8 bn vs CHF 460.7 bn priorChina reaffirms that it opposes tariffs being used as a tool to coerce othersMarket Outlook for the week of 7th- 11th JulyWhat are the main events for today?UK June Halifax house prices 0.0% vs 0.0% m/m expectedGermany May industrial production +1.2% vs 0.0% m/m expectedMajor central banks are back on the agenda this weekFX option expiries for 7 July 10am New York cutIt's been a pretty dull session in terms of data releases and newsflow. The only noteworthy news were OPEC+ sources saying that there will likely be another 550,000 bpd hike in September (which was expected) and EU saying that they have made good progress on trade talks with the US.Today is kind of a synthetic Sunday today since we basically have nothing on the agenda. The focus today will be on Trump's tariff letters expected to be sent around 12 pm ET. Trump said he could send 12 or 15 letters today and that he would have trade deals or letter with most nations by the July 9 deadline. These tariff rates will go in effect on August 1. So, we have yet another deadline. Trump has been playing this game since the very beginning as it's been his negotiating strategy. Therefore, the market will likely take it as another "TACO" thing until August 1 even if we see higher rates in the next days (unless the overstretched positioning in equities provides a pullback anyway). This article was written by Giuseppe Dellamotta at www.forexlive.com.