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Mixed
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of clients are net short.
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of clients are net short.
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BoE Chief Econimist (Hawk) is to Step Down From BoE After June Meeting

Real Time News
  • EU Commission plans to issue first Next Gen EU bonds by June. $EUR
  • $WTI Crude Oil has edged higher today, currently trading above the 60.00 level. The commodity had traded in a narrow range below the 60.00 level last week and this week's moves show an attempt at continuing above those levels. $OIL $USO https://t.co/p5Btmy02yo
  • - The 2% inflation goal should not be seen as a cap - ECB should guide on tolerance of inflation overshoot - ECB should not introduce yield curve control - Time to exit PEPP has not yet arrived
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.18% 🇯🇵JPY: 0.15% 🇦🇺AUD: 0.04% 🇨🇦CAD: 0.02% 🇨🇭CHF: -0.02% 🇬🇧GBP: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4F59HkhNfe
  • ECB's Villeroy: - Not legitimate to debate inflation return in Europe - Causes of inflation increase are temporary - Substantial slack will weigh on medium-term inflation #ECB $EUR
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: 0.31% Germany 30: 0.19% US 500: 0.09% FTSE 100: -0.13% Wall Street: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2KKukSjZt6
  • #Gold has rebounded from the one week lows set following today's CPI print, rising from 1,724 to trade near 1,750 before slipping back downwards. The precious metal is now trading just above the 1,740 level. $XAU $GLD https://t.co/7s7Hvro6k9
  • As long as you don't use gasoline or fuel oil, are looking to buy a used car, pay rent or eat food; there is little inflation in the US. Weighting is an interesting thing
  • FDA: J&J vaccine pause likely to be only a "matter of days."
  • The US Dollar has remained weaker following this morning's CPI print. The $DXY is currently trading below the 92.00 level for the first time since March 23rd, at a fresh three week low. $USD https://t.co/Lq4EUP8Gyo
US Dollar May Rise Before Key Data on Firming Consumer Confidence

US Dollar May Rise Before Key Data on Firming Consumer Confidence

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar May Edge Higher as Consumer Confidence Hits Six-Year High
  • Australian Dollar Followed S&P 500 Futures Lower in Quiet Asian Trade
  • View Economic Data Releases on Your Charts with the DailyFX News App

Another quiet day on the European economic data front is likely to see investors looking ahead to US economic news-flow. July’s Consumer Confidence reading is in focus, with expectations suggesting the index will rise to a six-year high of 85.4. The outcome may help to set the stage for an overstuffed week of high-profile US releases including the FOMC policy announcement, the second-quarter GDP reading and July’s Nonfarm Payrolls number.

The central object of speculation is the length of the time gap between October’s end of the Fed’s QE3stimulus program and the beginning of interest rate hikes. With that in mind, upbeat US economic outcomes are likely to support the view that tightening will materialize relatively sooner versus later, pushing the US Dollar higher. Needless to say, soft outcomes are likely to yield opposite result. We remain long the greenback against the Euro as well as the Canadian Dollar.

The Australian Dollar narrowly underperformed in otherwise quiet Asian trade, sliding 0.13 percent on average against its leading counterparts. The move lower tracked an overnight decline in S&P 500 index futures, hinting at eroding risk appetite as the catalyst behind selling pressure facing the sentiment-sensitive currency. Technical positioning warns the equities benchmark may be topping.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:30

JPY

Jobless Rate (JUN)

3.7%

3.5%

3.5%

23:30

JPY

Job-To-Applicant Ratio (JUN)

1.10

1.09

1.09

23:30

JPY

Household Spending (YoY) (JUN)

-3.0%

-4.0%

-8.0%

23:50

JPY

Retail Trade (YoY) (JUN)

-0.6%

-0.5%

-0.4%

23:50

JPY

Retail Trade s.a. (MoM) (JUN)

0.4%

0.8%

4.6%

23:50

JPY

Large Retailers' Sales (JUN)

-1.8%

-1.9%

-1.2%

1:00

AUD

HIA New Home Sales (MoM) (JUN)

1.2%

-

-4.3%

5:00

JPY

Small Business Confidence (JUL)

-

47.3

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

6:00

EUR

Import Price Index (MoM) (JUN)

0.3%

0.0%

Low

6:00

EUR

Import Price Index (YoY) (JUN)

-1.2%

-2.1%

Low

8:30

GBP

Net Lending Sec. on Dwellings (JUN)

1.9B

2.0B

Low

8:30

GBP

Mortgage Approvals (JUN)

63.0K

61.7K

Medium

8:30

GBP

Net Consumer Credit (JUN)

0.8B

0.7B

Low

8:30

GBP

M4 Money Supply (MoM) (JUN)

-

-0.1%

Low

8:30

GBP

M4 Money Supply (YoY) (JUN)

-0.6%

-0.9%

Low

8:30

GBP

M4 Ex IOFCs 3M Annualised (JUN)

3.8%

2.7%

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.3403

1.3420

1.3430

1.3437

1.3447

1.3454

1.3471

GBPUSD

1.6923

1.6954

1.6969

1.6985

1.7000

1.7016

1.7047

--- Written by Ilya Spivak, Currency Strategist for 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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