The Day Ahead
For the EUR
It’s a quiet day ahead on the economic data front. German wholesale inflation figures will be in focus, with little else for the markets to consider.
As the markets continue to monitor inflationary pressures, a further pickup in wholesale inflationary pressures would drive EUR support.
While the FED has talked of a willingness to allow inflation to go hotter for longer, the ECB has simply lifted its inflation target to 2%. Ahead of Thursday’s press conference, we can therefore expect EUR sensitivity to the numbers.
Away from the economic calendar, however, the continued global rise in new COVID-19 cases remains a negative.
At the time of writing, the EUR was down by 0.07% to $1.1792.
For the Pound
It’s another quiet day ahead on the economic calendar, with no major stats from the UK to consider later today.
The lack of stats will continue to leave COVID-19 in focus, which has become a major area of interest for the markets.
At the time of writing, the Pound was down by 0.03% to $1.3671.
Across the Pond
It’s a relatively quiet day ahead on the economic calendar. Housing sector data for June will be out later in the day.
We don’t expect the numbers to influence the Dollar or the broader market, however.
On Monday, the Dollar Spot Index rose by 0.22% to sensitivity 92.891.
For the Loonie
It’s also quiet day ahead on the economic calendar, with no material stats to provide the Loonie with direction.
A lack of stats will continue to leave market risk sentiment as the key driver on the day.
At the time of writing, the Loonie was up by 0.02% to C$1.2748 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.