Data released:
08:00 GMT EMU Current Account s.a (Jul) €16.9B €16.5B €19.8B
08:00 GMT EMU Current Account n.s.a (Jul) €26.6B €15.0B €27.8B
08:30 GMT UK Consumer Price Index (YoY) (Aug) 3 2.7% 2.7% 2.8%
08:30 GMT UK DCLG House Price Index (YoY) (Jul) 3.3% 3.4% 3.1%
08:30 GMT UK Core Consumer Price Index (YoY) (Aug) 3 2.0% 2.1% 2.0%
08:30 GMT UK Consumer Price Index (MoM) (Aug) 0.4% 0.5% 0.0%
08:30 GMT UK Producer Price Index - Output (MoM) n.s.a (Aug) 0.1% 0.2% 0.2%
08:30 GMT UK PPI Core Output (MoM) n.s.a (Aug) 0.0% 0.1% 0.1%
08:30 GMT UK PPI Core Output (YoY) n.s.a (Aug) 1.0% 1.1% 1.1%
08:30 GMT UK Producer Price Index - Input (MoM) n.s.a (Aug) -0.2% 0.3% 1.2%
08:30 GMT UK Producer Price Index - Input (YoY) n.s.a (Aug) 2.8% 3.0% 5.1%
08:30 GMT UK Producer Price Index - Output (YoY) n.s.a (Aug) 1.6% 1.8% 2.1%
08:30 GMT UK Retail Price Index (YoY) (Aug) 3.3% 3.2% 3.1%
08:30 GMT UK Retail Price Index (MoM) (Aug) 0.5% 0.4% 0.0%
09:00 GMT EMU Trade Balance s.a. (Jul) €11.1B €15.3B €14.9B
09:00 GMT EMU Trade Balance n.s.a. (Jul) €18.2B €19.4B €16.5B Revised from €17.3B
09:00 GMT EMU ZEW Survey - Economic Sentiment (Sep) 58.6 47.2 44.0
09:00 GMT DE ZEW Survey - Economic Sentiment (Sep) 49.6 46.0 42.0
09:00 GMT DE ZEW Survey - Current Situation (Sep) 30.6 20.8 18.3
The Euro attempted a rebound to weekly highs post-ZEW figures. The ZEW Survey showed strong improvements in both the euro area and in Germany regarding the Economic Sentiment component, exceeding both forecasts and previous prints for the months of August and September, respectively.
"The financial market experts hold the view that the German economy is still gaining momentum. In particular, the experts’ economic optimism has increased due to the improved economic outlook for the Eurozone – although recently released economic data for Germany have fallen short of expectations", said ZEW President Dr. Clemens Fuest, in a statement accompanying the data.
EURO
The euro did move higher after the solid Euro land data released earlier. The only data that can impact the pair importantly is the ZEW German indicator.
EUR/USD recovers from session lows on $1.3324 and currently holds near $1.3350, below yesterday’s highs on $1.3380 (initial resistance). Strong resistance comes at $1.3400 (Aug 23 highs) with a break above targets $1.3450 (Aug 20 high). Initial support remains at $1.3320 (also last week’s highs) and $1.3300 (channel line from Sep 6).
POUND
The pound surrendered initial gains after headline consumer prices in the British economy rose 2.7% on a yearly basis, banging on estimates. The Core print expanded 2.0% over the last twelve month, missing the median at 2.1% ann matching July’s reading. Producer prices also came in below expectations, rising 1.6% YoY vs. 1.8%.
Next event risk for the pound will be tomorrow’s BoE minutes and Retail Sales on Thursday.
GBP/USD tries to recover, but remains below yesterday’s high on $1.5960. Above resistance comes at $1.6000. Initial support is around $1.5880 (Friday’s highs and Jan 31 high), extending to $1.5860 (channel line) and $1.5780 (Friday’s lows).
YEN
The Japanese yen holds within the narrow range versus the US dollar.
USD/JPY retreats from Y99.30. Strong support comes at Y98.50 (channel line from Aug 28) with a break under support is around Y98.00 (earlier broken channel line from Jul 7). Minor resistance placed at Y100.00 (Friday’s highs) and Y100.60 (Sep 11 highs).
DATA PREVIEW:
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