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EUR/USD Daily Forecast – 31 July

Friday, Jul 28 2017
EUR/USD Daily Forecast – 31 July

Friday was marked by German CPI and Spanish CPI figures. The inflation rate in Germany as measured by the consumer price index is expected to be 1.7% in July 2017. Based on the results available so far, the Federal Statistical Office (Destatis) also reports that the consumer prices are expected to increase by 0.4% on June 2017. In July 2017, the harmonised index of consumer prices for Germany, which is calculated for European purposes, is expected to rise by 1.5% year on year and by 0.4% on June 2017.

Separate report on Spanish CPI showed that the annual inflation of the CPI in June 2017 is 1.5%. This indicator provides a preview of the CPI that, if confirmed, would imply a decrease of four tenths in its annual rate, given that in May this change was 1.9%. It is worth nothing in this behaviour the decrease in the prices of fuels (diesel and gasoline/petrol), compared to the increase that they experienced last year. This evolution was also due to the increase in prices of electricity, lower than that of June 2016.

 

In the US session GDP data was published. Real gross domestic product increased at an annual rate of 2.6 percent in the second quarter of 2017, according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 percent. The Bureau emphasized that the second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the second quarter, based on more complete data, will be released on August 30, 2017.

 

Monday will bring Eurozone CPI data. Analysts forecast 1.3% increase. In the US session Chicago PMI and Pending Home Sales figures will be released. Chicago PMI is expected to decrease to 60.2, while Pending Home Sales should rise by 1.1%.

 

Figures to watch:

 

CPI Flash Estimate (Monday 11:00)

Chicago PMI (Monday 15:45)

Pending Home Sales (Monday 16:00)

More in this category: « GBP/USD Daily Forecast – 31 July AUD/USD Daily Forecast – 01 August »

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