Economic data from China and UK to distract from markets ahead of the FED

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The day to come

For the euro

It’s a quiet day ahead on the economic data front. 1st quarterly wage growth figures for the eurozone are due later today.

Barring particularly dire numbers, however, we don’t expect the numbers to have too much of an impact on the euro.

Markets will eagerly await the Fed’s decision and monetary policy projections at the end of the day. With the ECB’s doves under control for now, we could see monetary policy divergences weighing on the euro.

At the time of this writing, the Euro was down 0.03% to $ 1.2122.

For the pound

It’s a relatively calm day ahead on the economic calendar.

Inflation figures for May are due later this morning. With few other considerations for the markets, expect the numbers to influence.

A delay in fully reopening the UK may have eased the pressure on the BoE. A sharp pick-up in inflationary pressures, however, could fuel speculation on a short-term move.

At the time of this writing, the pound was down 0.02% to $ 1.4081.

Across the pond

It’s a relatively busy day on the economic calendar. Key statistics include building permits and housing starts numbers. Import and export price indices are also expected.

With the Fed in action later today, however, don’t expect the numbers to have much of an impact on the greenback.

The short-term direction will depend on the Fed’s chatter about any shrinking and the latest projections… How Fed President Powell delivers any change in position will be key at the press conference.

At the time of this writing, the Dollar Spot Index was up 0.01% to 90.548.

For the loonie

It’s a busy day on the economic data front. Inflation figures for May are expected along with wholesale sales figures for April.

Expect inflation numbers to have the biggest influence on the loonie.

Crude oil inventory figures will also provide direction as well as this morning’s economic data from China.

At the time of this writing, the loonie was stable at C $ 1.2184 against the US dollar.

For an overview of all of today’s economic events, check out our economic calendar.

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