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FX Headlines: European Data Watch for July 1, 2013

FX Headlines: European Data Watch for July 1, 2013

2013-07-01 07:30:00
Christopher Vecchio, CFA, Senior Strategist
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EUROPEAN FX HEADLINES: WEEK OF JUNE 30

- British Pound’s Prospects Damaged by GDP Revision; BoE on Hold this Week

- Euro Attempting to Avoid Crisis Conviction, ECB on Tap

- Gold: $1181 Paramount for Bulls

EURO-ZONE ECONOMIC CALENDAR

FX_Headlines_European_Data_Watch_for_July_1_2013_body_Picture_1.png, FX Headlines: European Data Watch for July 1, 2013

Final June German PMI revisions should be eyed as well as ‘low’ ranked Italian and French PMI data, but the big focus will be on the broader Euro-Zone releases at 05:00 EDT/09:00 GMT. In particular, the Euro-Zone Unemployment Rate (MAY) should hit a new all-time high, while inflation data for June shouldn’t offer a strong indication of rebounding demand in the region. Any Euro strength derived from the headline prints (those expected) shouldn’t produce much of a bullish reaction.

UK ECONOMIC CALENDAR

FX_Headlines_European_Data_Watch_for_July_1_2013_body_x0000_i1028.png, FX Headlines: European Data Watch for July 1, 2013

The first of the three June PMI data is out today, with the PMI Manufacturing report expected to show a slight increase, but nothing that should prove to be a major boost to the British Pound. Similarly, the other data due today isn’t forecasted to overwhelm, but it should be noted that May PMI figures showed substantial improvement, signaling the potential for positive surprises on any May UK data.

SWISS ECONOMIC CALENDAR

FX_Headlines_European_Data_Watch_for_July_1_2013_body_x0000_i1029.png, FX Headlines: European Data Watch for July 1, 2013

Swiss data has been rather benign ever since the SNB implemented the Sf1.2000 floor for EURCHF, and the SVME-Purchasing Managers Index (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

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

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

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