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EUR/USD Daily Forecast – 01 August

Monday, Jul 31 2017
EUR/USD Daily Forecast – 01 August

Focus of the yesterday's session was on Eurozone CPI data. Euro area annual inflation is expected to be 1.3% in July 2017, stable compared with June 2017, according to a flash estimate from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in July (2.2%, compared with 1.9% in June), followed by services (1.5%, compared with 1.6% in June), food, alcohol & tobacco (1.4%, stable compared with June) and non-energy industrial goods (0.5%, compared with 0.4% in June).

In the US session Pending Home Sales figures were released. The Pending Home Sales Index, a forward-looking indicator based on contract signings, climbed 1.5 percent to 110.2 in June from an upwardly revised 108.6 in May. At 0.5 percent, the index last month increased annually for the first time since March. Lawrence Yun, NAR chief economist, says the bounce back in pending sales in most of the country in June is a welcoming sign.

 

Tomorrow, from Eurozone, Spanish Manufacturing PMI data will be released. Small increase to 54.9 is anticipated. In the US session ISM Manufacturing PMI figures will be released. Analysts predict decline to 56.4.

 

Figures to watch:

 

Spanish Manufacturing PMI (Tuesday 9:15)

ISM Manufacturing PMI (Tuesday 16:00)

More in this category: « GBP/USD Daily Forecast – 01 August AUD/USD Daily Forecast – 02 August »

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