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- European session review: USD mixed and little changed as investors look to Fed's July meeting minutes for tapering clues
European session review: USD mixed and little changed as investors look to Fed's July meeting minutes for tapering clues
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | United Kingdom | Retail Price Index, m/m | July | 0.7% | 0.3% | 0.5% |
| 06:00 | United Kingdom | Producer Price Index - Output (YoY) | July | 4.5% | 4.4% | 4.9% |
| 06:00 | United Kingdom | Producer Price Index - Input (MoM) | July | 0.5% | 0.5% | 0.8% |
| 06:00 | United Kingdom | Producer Price Index - Input (YoY) | July | 9.7% | 9.1% | 9.9% |
| 06:00 | United Kingdom | Producer Price Index - Output (MoM) | July | 0.6% | 0.4% | 0.6% |
| 06:00 | United Kingdom | Retail prices, Y/Y | July | 3.9% | 3.6% | 3.8% |
| 06:00 | United Kingdom | HICP ex EFAT, Y/Y | July | 2.3% | 1.8% | |
| 06:00 | United Kingdom | HICP, m/m | July | 0.5% | 0.3% | 0.0% |
| 06:00 | United Kingdom | HICP, Y/Y | July | 2.5% | 2.3% | 2% |
| 09:00 | Eurozone | Construction Output, y/y | June | 12.2% | 2.8% | |
| 09:00 | Eurozone | Harmonized CPI ex EFAT, Y/Y | July | 0.9% | 0.7% | 0.7% |
| 09:00 | Eurozone | Harmonized CPI | July | 0.3% | -0.1% | -0.1% |
| 09:00 | Eurozone | Harmonized CPI, Y/Y | July | 1.9% | 2.2% | 2.2% |
USD traded mixed and little changed against most of its major rivals in the European session on Wednesday, as investors were cautious ahead of the release of the minutes from the July Federal Reserve meeting, which is due at 18:00 GMT, hoping to get clues on the U.S. central bank's plans for its $120 billion a month of bond purchases.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged up 0.01% to 93.14.
On Tuesday, the Fed's Chairman Jerome Powell said the COVID-19 pandemic was “still casting a shadow on economic activity” but noted that it wasn't yet clear whether the delta-variant would have a significant impact on the U.S. economy. He refrained from commenting on the Fed's future policy path.
Earlier this month, however, several Fed’s policymakers have expressed views that the U.S. central bank should begin tapering stimulus in the fourth quarter, but some others have stressed that more evidence of a recovery is needed, particularly in the labour market, before such action is taken.
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