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- European session: the euro rose
European session: the euro rose
Data:
06:00 Germany Producer Price Index (MoM) Juli 0.0% +0.2% -0.1%
06:00 Germany Producer Price Index (YoY) Juli +0.6% +0.7% +0.5%
09:00 Eurozone Construction Output, m/m Juni +0.5% Revised From -0.3% +0.7%
09:00 Eurozone Construction Output, y/y Juni -5.1% -3.0%
The euro rose as a slide in stocks around the world fueled demand for the relative safety of the currencies versus emerging-market counterparts.
The yen strengthened against the dollar as Investor expectations of tapering from the Fed are leading to a rise in global yields and that’s making external financing challenging.
The Fed will publish minutes of its July meeting tomorrow that may offer clues as to whether policy makers will start reduce their $85 billion of monthly bond purchases as soon as their gathering in September. The Federal Open Market Committee holds its next meeting on Sept. 17-18.
EUR/USD: the pair shown high at $1.3406 and then retreated to $1.3380 area.
GBP/USD: $1.5680 area continued to be a stong resistance.
USD/JPY: the pair decreased to Y97.00 level.
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