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FX Headlines: European Data Watch for June 26, 2013

FX Headlines: European Data Watch for June 26, 2013

Christopher Vecchio, CFA, Senior Strategist


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

- Euro Biased Lower amid Mixed Docket and Signs of Revived Crisis

- EUR/USD Rallies to be Sold as Right Shoulder Develops

- GBP/USD Finds Support at Key 38.2% Fib, Higher Now then Lower Again

- Light Docket Puts Focus on Developing Theme – Higher US Yields and USD


FX_Headlines_European_Data_Watch_for_June_26_2013_body_Picture_1.png, FX Headlines: European Data Watch for June 26, 2013

Two ‘medium’ tier events highlight the Euro’s economic calendar on Wednesday, both of which have the potential to be market moving but are unlikely to provide any such volatility this round. Of note, the German GFK Consumer Confidence Survey (JUL) is expected unchanged at 6.5, and given the recent uptick in Euro-zone data (at least with headlines beating consensus analysts’ forecasts), risk is to the downside as it would be countertrend.


FX_Headlines_European_Data_Watch_for_June_26_2013_body_x0000_i1028.png, FX Headlines: European Data Watch for June 26, 2013

The BoE’s semiannual Financial Stability Report will detail a £26B funding hole in UK banks’ balance sheets, as first noted by the Prudential Regulation Authority last week. Similarly, the UK government will announce its spending plans for the coming fiscal year, in which £11B in deficit reduction needs to be determined. Overall, it’s a day of austerity for the UK and the British Pound.


FX_Headlines_European_Data_Watch_for_June_26_2013_body_x0000_i1029.png, FX Headlines: European Data Watch for June 26, 2013

Swiss data has been rather benign ever since the SNB implemented the Sf1.2000 floor for EURCHF, and the UBS Consumption Indicator (MAY), even as a ‘medium’ importance release, is unlikely to have a major impact on the Swiss Franc. Mainly, this is due to exogenous volatility onset by more global themes that are driving price action in the safe haven currencies the past week.

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 and Kevin Jin, DailyFX Research

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.