Economic data is back in focus Thursday, with reports from Europe and the United States set to headline an active newswire. Investors will also get a small dose of monetary policy speculation in the form of ECB meeting minutes and a Federal Reserve speaker.
The German government will kick off the session with a final estimate of June consumer inflation. The consumer price index (CPI) is projected to rise 0.1% month-on-month and 2.1% annually. The harmonized index of consumer prices (HICP) is projected to grow 2.1% compared with 12 months earlier.
Shifting gears to Brussels, the European Commission’s statistical agency will report on industrial production at 09:00 GMT. Output across eurozone factories likely rose 1.2% in May following a 0.9% drop the month before. That translates into a year-over-year growth rate of 2.1%.
At 11:30 GMT, the European Central Bank (ECB) will release the account of its most recent policy meeting, where officials unveiled a plan to wind down their record stimulus program.
The North American session will begin with a myriad of developments, chief among them being US CPI figures. Consumer inflation in the world’s largest economy likely rise 0.2% for June and 2.9% annually. So-called core inflation, which strips away food and energy costs, is projected to climb 2.3% year-over-year.
At the same time as the CPI report, the Labor Department will unveil weekly jobless claims numbers. The number of Americans filing for first-time unemployment benefits likely fell by 6,000 to 225,000 in the week ended 3 July.
Federal Open Market Committee (FOMC) member Neel Kashkari is scheduled to deliver a speech at 12:30 GMT.
Europe’s common currency nosedived on Wednesday, as EUR/USD fell nearly 80 pips from its intraday high. The pair now sits at 1.1678. The euro-dollar exchange rate is in a bearish predicament insofar as prices hold below 1.1700. If price action penetrates this level, immediate resistance is likely found at 1.1725.
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