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A Week in the Market: Prices and Demand (17-21 July)

RoboForex | 2023-07-18 11:42

Abstract：China will present a lot of statistics. It is already known that the GDP for the second quarter has surpassed the value for the first quarter and reached 6.4% against 4.5%. However, the indicator fell short of analysts' forecasts. For risky assets, this is a moderate signal.

China: mixed data

China will present a lot of statistics. It is already known that the GDP for the second quarter has surpassed the value for the first quarter and reached 6.4% against 4.5%. However, the indicator fell short of analysts' forecasts. For risky assets, this is a moderate signal.

EUR: strong position

The Eurozone is to release the consumer confidence index for July and final data on inflation for June. In addition, President of the European Central Bank Christine Lagarde will deliver a speech; any signals in favour of the regulators tight monetary policy will provide support for EUR.

USD: weak position

The US is to publish industrial production statistics for June; the indicators could have stabilised following the previous decline. The retail sales report for June will give insight into real consumer spending. The USD exchange rate will be in a weak position until the market shifts its focus from the Feds policy to other factors.

CAD: a chance for strengthening

Canada is preparing to release data on inflation, producer prices and retail sales. The CAD rate might resume strengthening after a pause for consolidation.

GBP: ready to rise

The UK will provide a lot of statistics from producer price indices for June to inflation data. The consumer price index is expected to fall from 8.7% to 8.2% y/y in June. However, core prices remain persistently high, which gives the Bank of England the opportunity to further raise the interest rate. This is good news for GBP.

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