The day ahead is a big one with four major announcements due in European and US trading:
- German CPI will be released around 1200 GMT but the market reacts in the hours leading up to the data as the regional data trickles in. Low inflation would renew pressure on the ECB to do more.
- ADP employment data is due at 1230 GMT. The survey is riding a hot streak after predicting last month’s strong NFP
- US GDP is due at the same time. It’s the first look at Q2 and also includes annual revisions. The consensus is +3.0% annualized.
- FOMC rate decision at 1800 GMT. Expectations are low but a hawkish note could spark a frenzy of USD buying.