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FX Headlines: European Data Watch for July 18, 2013

By , Currency Analyst
18 July 2013 08:20 GMT


- British Pound Rebound to Accelerate on Faster Inflation, BoE Minutes

- Gold Rally at Risk Ahead of Fed’s Beige Book, Bernanke Testimony

- Lingering Portuguese Problems Weigh on Euro amid Light Docket


There are no data on the Euro economic calendar for Thursday, July 18.

See the Euro economic calendar for the week of July 14 to 19.


FX_Headlines_European_Data_Watch_for_July_18_2013_body_Picture_1.png, FX Headlines: European Data Watch for July 18, 2013

UK data is back in the spotlight on Thursday with June consumption figures due. Overall, modest growth is expected but at a slightly slower pace, underscoring the inability of the UK economy to gather momentum late in the 2Q’13. Considering that the UK economy derives 62% of its GDP figure from consumption, today’s data is very important for the British Pound.


FX_Headlines_European_Data_Watch_for_July_18_2013_body_x0000_i1028.png, FX Headlines: European Data Watch for July 18, 2013

Despite a stronger Swiss Franc in June, trade figures improved as the Trade Balance surplus widened from Sf2.12B to 2.73B. However, in spite of the stronger domestic currency, exports rose by +2.3% m/m while imports fell by -3.2% m/m; typically, foreign demand for domestic goods falls when the domestic currency appreciates. Regardless, the overall print is supportive of the Swiss Franc fundamentally.

See the DailyFX Economic Calendar for a full list, timetable, and consensus forecasts for upcoming economic indicators. Want the forecasts to appear right on your charts? Download the DailyFX News App.

--- Written by Christopher Vecchio, Currency Analyst

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18 July 2013 08:20 GMT