FX Headlines: European Data Watch for July 29, 2013
EURO-ZONE ECONOMIC CALENDAR
There are no data on the Euro economic calendar for Monday, July 29.
UK ECONOMIC CALENDAR
British economic data has been on the upswing in recent weeks, with a significant portion of ‘medium’ and ‘high’ importance events beating expectations – consistently too. However, the past few days, data has been much less exciting, and it is of my belief that any downturn seen can be attributed to sharply higher interest rates.
Thus, while the British housing market has been strong, and a prime driver of Sterling strength in recent months, there is risk for a miss on the June Mortgage Approvals report; this print will be a strong indicator of the strength of the British housing recovery. Similarly, the June Consumer Credit report could show that higher interest rates have choked demand off a bit.
A poor performance here would see the GBPJPY trade lower (given the Yen’s solid performance thus far); and a strong performance would see the GBPUSD trade higher (considering that the GBPUSD has been a leader).
SWISS ECONOMIC CALENDAR
There are no data on the Swiss Franc economic calendar for Monday, July 29.
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--- Written by Christopher Vecchio, Currency Analyst
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