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  • Combine some modest Dollar strength pre-FOMC and a slide from the Sterling after its run of data and $GBPUSD looks like it is tempting fate on a head-and-shoulders pattern. Dubious of follow through until tomorrow though https://t.co/jofJwvwwEu
  • Heads Up:🇺🇸 Industrial Production MoM (MAY) due at 13:15 GMT (15min) Expected: 0.6% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2021-06-15
  • Heads Up:🇺🇸 Industrial Production YoY (MAY) due at 13:15 GMT (15min) Previous: 16.5% https://www.dailyfx.com/economic-calendar#2021-06-15
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  • May US retail sales miss expectations at -1.3% vs -0.7% exp (m/m). Core misses as well, -0.7% vs +0.4% exp. But a look beneath the hood tells a familiar story: supply chain constraints have lifted prices, so consumers are spending less.
  • 🇺🇸 PPI MoM (MAY) Actual: 0.8% Expected: 0.6% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-06-15
  • 🇺🇸 Retail Sales Ex Autos MoM (MAY) Actual: -0.7% Expected: 0.2% Previous: 0% https://www.dailyfx.com/economic-calendar#2021-06-15
  • 🇺🇸 Retail Sales MoM (MAY) Actual: -1.3% Expected: -0.8% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-06-15
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/xJJnXsP6RX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in USD/CHF are long at 74.05%, while traders in France 40 are at opposite extremes with 79.65%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uo87CsYt4z
Market Vibrations: News and Commentary from the Europe Desk (1245 GMT)

Market Vibrations: News and Commentary from the Europe Desk (1245 GMT)

Research, Research Team

1245 GMT: A spokesperson for the German government has been on the wires, denying rumors of a third Greek bailout and saying that the Greek debt swap must be completed before any discussion of a Euro-area firewall can occur. The spokesperson also added that the German government is confident that the opposition will back the fiscal pact. Eleswhere, EU's Barroso has said he has no doubts that Spain will respect its EU budget rules.

1026 GMT: European retail sales unexpectedly rebounded in January after falling for the last four months. Sales rose 0.3% from December, after dropping by half a percentage point at the end of 2011. Economists had predicted a further drop in January. The unexpected rise was led by growth in France, which served to offset weaker than expected German numbers.

0940 GMT: European PMIs have come in weaker than expected on the whole, with the services sectior failing to match gains in manufacturiong seen last week. Only Germany showed improvement on expectations.

Market_Vibrations_body_Untitled.jpg, Market Vibrations: News and Commentary from the Europe Desk (1245 GMT)

Meanwhile, the ECB's Paramo has said that the Eurozone "is not in crisis."

0720 GMT: The European session opens today with risk appetite signioficantly weakened by Moodys' downgrade of Greece over the weekend. Ratcheted-down growth forcasts out of China overnight also heven't helped market sentiment, and commodity-correlated currencies continue to underperform after weak data overnight turned off risk. Stay tuned for European services PMIs later in the day.

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