Forex Daily Outlook: Welter of CPI data due out today

on Jul 16, 2013
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_iNVEZZ.com Tuesday July 16th:_

**EUR/USD**
The euro climbed against the US dollar during today’s Asian session and early in European trading the pair has risen to an intraday high at 1.3094, for a gain of 0.38 percent so far in the day.
The most significant fundamentals for the pair today, all due out at 10.00 BST, are the Eurozone CPI data for June on an annual and monthly basis, Core-CPI for June, Eurozone trade balance data for May, Eurozone and German ZEW Indicator of Economic Sentiment for July.

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Not to be outdone, the US will be producing at 13:30 BST the annualised and monthly readings of CPI data for June, being the Core – CPI and CPI excluding food and energy.
The Redbook Index for the week ended July 7 is due out at 13:55 BST, followed by Industrial Production for June m/m at 14:15 BST.
**GBP/USD**
Sterling gained some ground on the greenback in the Asian session today, and the momentum has continued in early European trading, with the pair having risen to a two-day high at 1.5142.

Traders will be paying close attention today to the UK Core-CPI and Consumer Price Index, both for June y/y and scheduled for a 09:30 BST release.
Also out at that time will be the UK’s PPI-Output and Core-PPI Output, again for June y/y.
**USD/JPY**
The greenback traded slightly lower against the yen in today’s Asian session and so far in European trading the pair has fallen to an intraday low at 99.63.

There are no Japanese economic updates today and traders will have to content themselves with news from America.
**USD/CAD**
The Canadian dollar firmed against the USD during Asian trading today with the pair down 0.15 percent to a current session low at 1.0440 early in the European session.
The only Canadian update scheduled for today is Manufacturing Shipments for May m/m, due out at 13:30 BST.

**AUD/USD**
Today’s Asian session saw the AUD/USD continue an uptick which started yesterday when the Aussie fell to 0.9033 against the greenback, rebounding to be at 0.9088 at the Asian opening and having since risen to a three-day high at 0.9192.
The Australian dollar was boosted by the minutes of the Reserve Bank of Australia’s latest policy meeting, released at 02:30 BST today. At that meeting, two weeks ago, the RBA decided to leave its official cash rate unchanged at the historic low of 2.75 percent.
The minutes show that the central bankers believe their current stance to be appropriate, with the inflation outlook “slightly higher” due to the Aussie’s recent fall.

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