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EUR/USD Daily Forecast – 10 August

Wednesday, Aug 09 2017
EUR/USD Daily Forecast – 10 August

From Eurozone, yesterday, Italian Industrial Production data was published. Italy reported a considerably stronger than expected June industrial production report that will lift expectations for Q2 GDP, which will be reported in a week's time (0.4-0.5%). Flattered by transportation and energy, Italian industrial output jumped 1.1% in June.  The market had been looking for around a 0.2% gain. It follows a 0.7% rise in May.  Industrial production rose an average of 0.5% a month in Q2 after falling 0.3% a month in Q1. Q3 comparisons may be difficult as last year Italy posted some strong increases. Still, the favorable news follows on the heels of better than expected employment and retail sales data.

In the US session Crude Oil figures were released. U.S. crude inventories USOILC=ECI fell 6.5 million barrels last week, government data showed, steeper than the expected decrease of 2.7 million barrels. Refiners processed nearly 17.6 million barrels of crude, surpassing a record set in May and the most for any week since the U.S. Department of Energy started keeping data in 1982. The data showed gasoline stocks USOILG=ECI, rose by 3.4 million barrels, confounding expectations in a Reuters poll for a drop of 1.5 million barrels. Gasoline futures RBc1 fell about 1 percent to the lowest in nearly two weeks.

 

There will be no major data releases from Eurozone tomorrow. In the US session PPI and Unemployment Claims figures will be published. Analysts anticipate increase by 0.1% in PPI, while Unemployment Claims should remain unchanged at 240,000.

 

Figures to watch:

 

PPI (Thursday 14:30)

Unemployment Claims (Thursday 14:30)

More in this category: « GBP/USD Daily Forecast – 10 August AUD/USD Daily Forecast – 11 August »

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