EUR/USD Daily Forecast – 26 July

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Tuesday, Jul 25 2017

EUR/USD Daily Forecast – 26 July

From Eurozone, yesterday, German Ifo business confidence figures were released. German business confidence unexpectedly rose in July, a survey showed on Tuesday, hitting the third record high in as many months as Europe's largest economy powered ahead and morale lifted across industry. The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 116.0 from 115.2 in June. The reading compared with a Reuters consensus forecast for a value of 114.9.

In the US session CB Consumer Confidence figures were published. Consumer confidence rose in July to the second highest level in 16 years as Americans shrugged off all the drama in President Trump’s Washington and took heart in the best labor market in a decade. The Conference Board said its consumer confidence index rose to 121.1 this month from 117.3 in June. The increase exceeded the 116.9 forecast of economists polled by MarketWatch.

There will be no major data releases from Eurozone tomorrow. In the US session focus will be on FOMC interest rate decision and the following statement though analysts do not expect any changes.

Figures to watch:

Federal Funds Rate/FOMC Statement (Wednesday 20:00)

More in this category: « GBP/USD Daily Forecast – 26 July AUD/USD Daily Forecast – 27 July »

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