EUROPEAN FX HEADLINES: WEEK OF JULY 14
EURO-ZONE ECONOMIC CALENDAR
There are no data on the Euro economic calendar for Thursday, July 18.
UK ECONOMIC CALENDAR
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.
SWISS ECONOMIC CALENDAR
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.
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--- Written by Christopher Vecchio, Currency Analyst
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