The Euro is hoping to find a lifeline in a revised set of June inflation figures after sliding to the lowest level in a month against the US Dollar.
Talking Points:
Euro May Rise if June’s Inflation Reading is Revised Upward
Yen Gains as Aussie, NZ Dollars Fall on Fading Risk Appetite
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A revised set of June’s Eurozone CPI figures headlines an otherwise lackluster economic calendar in European trading hours. The benchmark year-on-year inflation rate is expected to register at 0.5 percent, in line with flash estimates.
Price growth readings from the common currency area have cautiously improved relative to expectations since the beginning of the year, according to data from Credit Suisse. That leaves the door open for an upside surprise, which may offer a boost the Euro after the currency slid to a one-month low against the US Dollar.
The Japanese Yen outperformed on safe-haven demand while the sentiment-sensitive Australian and New Zealand Dollars came under selling pressure as risk appetite unraveled in overnight trade. A singular catalyst for the move was not readily apparent. S&P 500 futures are pointing lower in late Asian trade however, hinting at more of the same ahead.
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