Inflation data is back on the agenda for the euro
Good day, everyone! Hope you're all doing well as we look to get things going in the session ahead. It's been a decent start for risk trades as we get the day going with the yen and swissie on the back foot as optimism in markets continue to grow ahead of the Trump-Xi meeting in Osaka this weekend.
Looking ahead, the attention will turn towards the euro for a few hours as we navigate through CPI data to come from Spain and Germany in the European morning.
0700 GMT - Spain June preliminary CPI figures
Prior report can be found here. Feeds into the overall inflation outlook in the euro area. With the ECB shifting towards a more dovish stance, weakening price pressures will increase the scope for them to add stimulus over the next few months. That said, the heavier focus will be on German CPI figures today. The Saxony report released at the same time may yet offer a stronger indication of where inflation pressures are drifting towards.
0900 GMT - Eurozone June final consumer confidence
0900 GMT - Eurozone June economic, business, industrial, services confidence
Prior release can be found here. Confidence levels in general remain relatively weak and that's reflective of economic conditions in the euro area since last year. The data here should continue to reflect that. Not a major release by any means.
1200 GMT - Germany June preliminary CPI figures
Prior report can be found here. Before the national release, we'll have the release of state readings throughout the session so that will provide us with an indication of what to expect from the figures here. As mentioned above, this will feed into the overall inflation outlook in the euro area. As such, any major misses should weigh on the euro as it will likely tip the dovish scale in the ECB that bit more.
That's all for the session ahead. I wish you all the best of days to come and as always good luck with your trading!
