EUROPEAN FX HEADLINES: WEEK OF JUNE 23
EURO-ZONE ECONOMIC CALENDAR
German Retail Sales (MAY) beat earlier but the Euro is having trouble gaining traction after the print, falling back under $1.3050 against the US Dollar.
Shortly before the US cash equity open, the preliminary June German inflation report is due, and given the uptick expected, there stands reason to believe that the Euro could very-well regain footing later in the morning. With June consumption and labor market data both beating expectations, evidence is gathering that the German economy might outperform modest 2Q’13 growth expectations.
UK ECONOMIC CALENDAR
Early (and the only) UK data today missed slightly, but the GBPUSD reacted negatively anyhow, falling from its high near $1.5280 to as low as 1.5256, at the time this report was written.
SWISS ECONOMIC CALENDAR
Swiss data has been rather benign ever since the SNB implemented the Sf1.2000 floor for EURCHF, and the KOF Swiss Leading Indicator (JUN), even as a ‘medium’ importance release, is unlikely to have a major impact on the Swiss Franc. Mainly, this is due to exogenous volatility onset by more global themes that are driving price action in the safe haven currencies the past week.
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--- Written by Christopher Vecchio, Currency Analyst and Kevin Jin, DailyFX Research
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