The past trading week on global markets brought a number of significant economic data that affected the dynamics of currencies and investor expectations.
Germany:
● 6:00 a.m. GMT: German Industrial Production (Month-over-Month) (May). Actual figure: 1.2% / Forecast: -0.6% / Previous: -1.6%. The significant increase in the indicator, much higher than expected, points to a confident recovery in the industrial sector and supports the EUR.
Australia:
● 4:30 a.m. GMT: Interest Rate Decision (July). Actual figure: 3.85% / Forecast: 3.60% / Previous: 3.85%. The rate was kept at the previous level, contrary to market expectations of a decrease. This decision supported the AUD.
Germany:
● 6:00 a.m. GMT: German Trade Balance (May). Actual figure: 18.4B / Forecast: 15.7B / Previous: 15.8B.
Canada:
● 2:00 p.m. GMT: Ivey Purchasing Managers' Index (June). Actual figure: 53.3 / Forecast: 49.1 / Previous: 48.9. The reading showed a significant increase, which is a positive sign for the CAD.
New Zealand:
● 2:00 a.m. GMT: Interest Rate Decision. Actual figure: 3.25% / Forecast: 3.25% / Previous: 3.25%. The rate was left unchanged, in line with market expectations.
United States:
● 2:30 p.m. GMT: Crude Oil Inventories. Actual figure: 7.070M / Forecast: -1.700M / Previous: 3.845M. Crude oil inventories have risen sharply, putting pressure on oil prices.
● 6:00 p.m. GMT: FOMC minutes were released. The minutes showed that most Fed members expect a rate cut in 2025. Some believe this could happen as early as the next meeting on July 30 if inflation remains flat. This dovish signal has put pressure on the USD.
Germany:
● 6:00 a.m. GMT: German Consumer Price Index (CPI) (Month-over-Month) (June). Actual figure: 0.0% / Forecast: 0.0% / Previous: 0.1%.
United States:
● 12:30 p.m. GMT: Initial Jobless Claims. Actual figure: 227K / Forecast: 236K / Previous: 232K. The figure fell, providing some support to the USD.
United Kingdom:
● 4:42 a.m. GMT: GDP (Month-over-Month) (May) Actual figure: -0.1% / Forecast: 0.1% / Previous: -0.3%. GDP growth was worse than expected, which could put pressure on the GBP.
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