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FX Headlines: European Data Watch for June 19, 2013

FX Headlines: European Data Watch for June 19, 2013

Christopher Vecchio, CFA, Senior Strategist


- Euro and US Dollar Traders on Edge Ahead of Critical FOMC Decision

- British Pound Eyes Fresh Highs on Faster Inflation, BoE Minutes

- All Eyes on Fed Meeting on Wednesday; No Taper but Hawkish Guidance


There are no key events on the calendar for the Euro on Wednesday, June 19.


FX_Headlines_European_Data_Watch_for_June_19_2013_body_Picture_1.png, FX Headlines: European Data Watch for June 19, 2013

The Bank of England held its key rate at 0.50% and its Asset Purchase Target at £375B at its June 6 meeting, and the British Pound only saw a modest bump once the decision was released. If there’s been one thing that’s true about the BoE in recent months, it’s that it remains very patient as it watches the economy’s growth and inflation environments develop. With data on a bit of an upswing leading up to the meeting, a greater willingness to keep policy on hold is likely to be reflected in the Minutes, which should be supportive of a stronger British Pound on balance.


FX_Headlines_European_Data_Watch_for_June_19_2013_body_x0000_i1028.png, FX Headlines: European Data Watch for June 19, 2013

There’s a chance for some Swiss-borne volatility this morning with the ZEW Survey (JUN) due. The ZEW Survey, while lacking a forecast, appears to be losing momentum, with the May print of 2.2 representing a significant decline from the April reading of 20.0. A return back to negative territory could help ignite speculation that might weaken the Swiss Franc ahead of the Swiss National Bank’s quarterly monetary policy meeting on Thursday. A signficant deviation away from the prior – on either side – will inevitably feed into speculation of the question. “Will the SNB raise the EURCHF floor from Sf1.2000?”

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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