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Economic data coming up in the European session

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UK inflation data on the agenda today

The RBNZ showed up today and made clear that they aren’t afraid to lead the policy tightening charge, putting a stop to QE in a surprisingly hawkish decision earlier.

That has sent the kiwi soaring, gaining by 1% at the highs against the dollar to 0.7023 with NZD/USD still trading up around 0.7007 currently.

The BOC will be next to step up to the plate later today, will they do the same? Perhaps, but not to the same extent surely if anything else. Adam’s preview here.

But before that, UK inflation data will be one to watch in European trading before we further digest the risk mood with bond yields continuing to rebound after some pushing and pulling following the US CPI data and Treasury auction yesterday.

10-year yields are at around 1.40% now, keeping well off the lows last week near 1.25%.

Looking out further to today, Fed chair Powell will also be testifying in Congress so be wary of any major policy remarks to follow from the man himself.

0600 GMT – UK June CPI figures

0600 GMT – UK June PPI figures

Prior release can be found here. UK inflation is estimated to keep thereabouts in June, holding just above 2%, reaffirming stronger price pressures in general once again. This is mostly due to base effects and also higher cost inflation due to supply disruptions globally, and it will keep the BOE on their toes in the months ahead still surely.

0900 GMT – Eurozone May industrial production data

Prior release can be found here. Factory output in May is estimated to drop slightly but it is mostly just some moderation as the recovery trend stays the course for the most part, with European prospects still more upbeat going into the summer.

1100 GMT – US MBA mortgage applications w.e. 9 July

Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. Amid the sudden turn higher rates this year, recent mortgage activity has dipped with purchases falling sharply alongside refinancing activity so it’ll be one to watch out for.

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.

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