Analysis and Recommendations: The EUR/USD was directionless today with little on the economics calendar and little in the way of headlines as traders were
The EUR/USD was directionless today with little on the economics calendar and little in the way of headlines as traders were focused on the commodities weakness. The euro is trading at 109.77 moving between gains and losses. The euro was under pressure on Tuesday following a sell-off in New York as a plunge on the Greek stock market revived worries about Athens’ future in the eurozone.
On Monday, Greece’s stock exchange, resuming trade after a five-week shutdown, plunged around 20 percent at the open before finishing down 16.23 percent in its biggest single-day drop ever.
Adding to broader regional concerns, the 19-nation Eurozone’s inflation and jobless rate came in flat in July, according to data published on Friday, suggesting only modest growth.
After disappointing U.S. employment-cost data Friday cast doubts on a scenario for a September rate increase by the Federal Reserve, investors are sticking to their wait-and-see stance until the release of highly anticipated jobs data for July.
“We expect U.S. jobs data later this week…and that’s the key,” said Akira Moroga, manager of forex products group at Aozora Bank. Solid U.S. employment is considered a factor that could allow the Fed to raise rates in September.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
Today’s economic releases:
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
AUD |
Retail Sales (MoM) (Jun) |
0.7% |
0.5% |
0.4% |
|||
AUD |
Trade Balance (Jun) |
-2.933B |
-3.100B |
-2.677B |
|||
AUD |
Interest Rate Decision (Aug) |
2.00% |
2.00% |
2.00% |
|
||
AUD |
RBA Rate Statement |
|
|
|
|
||
GBP |
Nationwide HPI (YoY) (Jul) |
3.5% |
3.5% |
3.3% |
|
||
GBP |
Nationwide HPI (MoM) (Jul) |
0.4% |
0.4% |
-0.2% |
|
||
EUR |
Spanish Unemployment Change |
-74.0K |
-45.6K |
-94.7K |
|
||
GBP |
Construction PMI (Jul) |
57.1 |
58.4 |
58.1 |
Upcoming Economic Events that you should be monitoring:
Wednesday, August 5, 2015
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
GBP |
Services PMI (Jul) |
|
58.0 |
58.5 |
|
||
USD |
ADP Nonfarm Employment Change |
|
215K |
237K |
|
||
USD |
ISM Non-Manufacturing PMI (Jul) |
|
56.2 |
56.0 |
Government Bond Auctions
Date Time Country
Aug 05 11:30 Germany Eur 4bn Oct 2020
Aug 05 11:30 Sweden Holds bond auction
Aug 06 10:30 Spain Auctions Bonos
Aug 06 11:10 France Auctions OATs
Aug 10 17:30 Italy Announces details of BTP/CCTeu on 13 Aug
Aug 11 11:30 UK Auctions 0.125% 2058 I/L Gilt
Aug 12 11:30 Germany Eur 4bn Aug 2025 Bund
Aug 13 11:10 Italy Auctions BTPs/CCTeus