The day to come
For the euro
It’s a quiet day ahead on the economic data front. Germany’s wholesale inflation figures will be the center of attention, with little else for the markets to consider.
As markets continue to monitor inflationary pressures, further acceleration in wholesale inflationary pressures would drive support for the euro.
While the FED spoke of a desire to let inflation rise longer, the ECB simply raised its inflation target to 2%. Before Thursday’s press conference, we can therefore expect the euro to be sensitive to numbers.
Outside of the economic calendar, however, the continued global rise in new COVID-19 cases remains negative.
At the time of this writing, the Euro was down 0.07% to $ 1.1792.
For the pound
It’s another calm day to come on the economic calendar, with no major UK statistics to factor in later today.
The lack of statistics will continue to leave COVID-19 at the center of concerns, which has become an area of major focus for the markets.
At the time of this writing, the pound was down 0.03% to $ 1.3671.
Across the pond
It’s a relatively calm day ahead on the economic calendar. Housing sector data for June will be released later today.
However, we don’t expect the numbers to influence the dollar or the broader market.
On Monday, the Dollar Spot Index rose 0.22% to a sensitivity of 92.891.
For the loonie
It is also a calm day on the economic calendar, with no material statistics to give direction to the loonie.
A lack of statistics will continue to make market risk sentiment the main driver of the day.
At the time of this writing, the loonie was up 0.02% to C $ 1.2748 against the US dollar.
For an overview of all of today’s economic events, check out our economic calendar.