Talking Points:
Euro May Rise if June’s Inflation Reading is Revised Upward
Yen Gains as Aussie, NZ Dollars Fall on Fading Risk Appetite
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A revised set of June’s Eurozone CPI figures headlines an otherwise lackluster economic calendar in European trading hours. The benchmark year-on-year inflation rate is expected to register at 0.5 percent, in line with flash estimates.
Price growth readings from the common currency area have cautiously improved relative to expectations since the beginning of the year, according to data from Credit Suisse. That leaves the door open for an upside surprise, which may offer a boost the Euro after the currency slid to a one-month low against the US Dollar.
The Japanese Yen outperformed on safe-haven demand while the sentiment-sensitive Australian and New Zealand Dollars came under selling pressure as risk appetite unraveled in overnight trade. A singular catalyst for the move was not readily apparent. S&P 500 futures are pointing lower in late Asian trade however, hinting at more of the same ahead.
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Asia Session
GMT
CCY
EVENT
ACT
EXP
PREV
22:00
NZD
ANZ Job Advertisements (MoM) (JUN)
5.7%
–
-4.8%
0:00
AUD
Conference Board Leading Index (MAY)
0.2%
–
-0.2%
1:00
NZD
ANZ Consumer Confidence (MoM) (JUL)
0.6%
–
3.4%
1:00
NZD
ANZ Consumer Confidence Index (JUL)
132.7
–
131.9
1:30
AUD
NAB Business Confidence (2Q)
6
–
7
1:30
AUD
RBA FX Transaction Market (A$) (JUN)
1271M
–
489M
1:30
AUD
RBA FX Transactions Gov’t (A$) (JUN)
-1293M
–
-524M
1:30
AUD
RBA FX Transactions Other (A$) (JUN)
39M
–
55M
European Session
GMT
CCY
EVENT
EXP
PREV
IMPACT
6:00
EUR
EU 25 New Car Registrations (JUN)
–
4.5%
Low
9:00
EUR
Eurozone CPI (MoM) (JUN)
0.1%
-0.1%
Medium
9:00
EUR
Eurozone CPI (YoY) (JUN F)
0.5%
0.5%
Medium
9:00
EUR
Eurozone CPI – Core (YoY) (JUN F)
0.8%
0.8%
Medium
9:00
EUR
Eurozone Construction Output (MoM) (MAY)
–
0.8%
Low
9:00
EUR
Eurozone Construction Output (YoY) (MAY)
–
8.0%
Low
Critical Levels
CCY
Supp 3
Supp 2
Supp 1
Pivot Point
Res 1
Res 2
Res 3
EURUSD
1.3436
1.3488
1.3507
1.3540
1.3559
1.3592
1.3644
GBPUSD
1.7060
1.7097
1.7117
1.7134
1.7154
1.7171
1.7208
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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Source: Daily fx