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FX Headlines: European Data Watch for June 28, 2013

FX Headlines: European Data Watch for June 28, 2013

Christopher Vecchio, CFA, Senior Strategist

EUROPEAN FX HEADLINES: WEEK OF JUNE 23

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

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

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

EURO-ZONE ECONOMIC CALENDAR

FX_Headlines_European_Data_Watch_for_June_28_2013_body_Picture_1.png, FX Headlines: European Data Watch for June 28, 2013

German Retail Sales (MAY) beat earlier but the Euro is having trouble gaining traction after the print, falling back under $1.3050 against the US Dollar.

Shortly before the US cash equity open, the preliminary June German inflation report is due, and given the uptick expected, there stands reason to believe that the Euro could very-well regain footing later in the morning. With June consumption and labor market data both beating expectations, evidence is gathering that the German economy might outperform modest 2Q’13 growth expectations.

UK ECONOMIC CALENDAR

FX_Headlines_European_Data_Watch_for_June_28_2013_body_x0000_i1028.png, FX Headlines: European Data Watch for June 28, 2013

Early (and the only) UK data today missed slightly, but the GBPUSD reacted negatively anyhow, falling from its high near $1.5280 to as low as 1.5256, at the time this report was written.

SWISS ECONOMIC CALENDAR

FX_Headlines_European_Data_Watch_for_June_28_2013_body_x0000_i1029.png, FX Headlines: European Data Watch for June 28, 2013

Swiss data has been rather benign ever since the SNB implemented the Sf1.2000 floor for EURCHF, and the KOF Swiss Leading Indicator (JUN), 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

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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

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