FX Headlines: European Data Watch for July 23, 2013
EUROPEAN FX HEADLINES: WEEK OF JULY 21
EURO-ZONE ECONOMIC CALENDAR
A steadying in late-2Q’13 Euro-Zone data (notably, peripheral PMI surveys) has investors slightly more optimstic at the start of the 3Q’13, as data on Tuesday will show. The preliminary July Euro-Zone Consumer Confidence gauge should tick to -18.3 from -18.8, a mere but nevertheless important improvement.
However, with labor markets across the region deeply depressed – both Greece and Spain have Unemployment Rates north of 25% now – any rebound in consumer sentiment is likely to be shallow, and therefore, any uptick the Euro may say should be short-lived.
UK ECONOMIC CALENDAR
The UK housing market has been helping guide the broader economic recovery, and despite the uptick in UK yields the past two months (the 10-year Gilt yield has increased from 1.683% on May 1 to 2.266% on July 22, down from a high of 2.593% on July 14), housing data remains strong. Accordingly, signs of improved lending should further solidify the British Pound’s firmer fundamental footing to start the week.
SWISS ECONOMIC CALENDAR
There are no data on the Swiss Franc economic calendar for Tuesday, July 23.
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--- Written by Christopher Vecchio, Currency Analyst
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