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EUR/USD Daily Forecast – 13 July

Wednesday, Jul 12 2017
EUR/USD Daily Forecast – 13 July

From Eurozone, yesterday, Industrial Production figures were released. In May 2017 compared with April 2017, seasonally adjusted industrial production rose by 1.3% in the euro area (EA19) and by 1.2% in the EU28. The increase of 1.3% in industrial production in the euro area in May 2017, compared with April 2017, is due to production of capital goods rising by 2.3%, durable consumer goods by 1.8%, non-durable consumer goods by 1.2%, energy by 0.9% and intermediate goods by 0.3%. In the EU28, the increase of 1.2% is due to production of capital goods rising by 2.0%, durable consumer goods by 1.8%, non-durable consumer goods by 1.0%, energy by 0.7% and intermediate goods by 0.6%.

US session was marked by Yellen's testimony. The testimony released for Yellen's appearance before a House committee Wednesday morning highlighted that the Federal Reserve believes it is not that far from the neutral rate. While some strategists said the comments were not particularly new, Fed Governor Lael Brainard discussed the issue Tuesday and the market took her commentary as highly dovish. The neutral rate is the level where the Fed's benchmark rate does not either boost or hold back the economy.

 

There will be no major data releases from Eurozone tomorrow. In the US session PPI and Unemployment Claims figures will be published. Analysts predict no change in PPI and decrease to 245,000 in Unemployment Claims.

 

Figures to watch:

 

PPI (Thursday 14:30)

Unemployment Claims (Thursday 14:30)

More in this category: « GBP/USD Daily Forecast – 13 July AUD/USD Daily Forecast – 14 July »

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