The US dollar (USD) is under pressure as investors assess the latest economic data and the Federal Reserve's (Fed) monetary policy outlook.

Gold (XAU/USD) is trading near its highest level in over a year, supported by the weaker USD and rising inflation expectations.

The euro (EUR/USD) is also on the rise, benefiting from the weaker USD and the prospect of higher European Central Bank (ECB) interest rates.

The S&P 500 (SPX) index has broken out to a new all-time high, as investors remain optimistic about the US economic recovery.

Tesla (TSLA) earnings are due out on Wednesday, July 20. The electric car maker is expected to report strong results, which could boost the broader stock market.

The NFP report, which is due out on Friday, July 22, is the most important economic data release of the week. The report is expected to show that US job growth slowed in July, but that the unemployment rate remained unchanged.

The Fed is scheduled to hold its next monetary policy meeting on July 26-27. The central bank is widely expected to keep interest rates unchanged, but it could provide more details about its plans to taper its asset purchases.

The US-China trade war is still a major risk factor for the global economy. The two sides are scheduled to hold their next round of trade talks in early August.

The Brexit deadline is fast approaching. The UK is due to leave the European Union on October 31, 2023.

The global economy is facing a number of headwinds, including rising inflation, slowing global growth, and trade tensions.