What are the main events for today?

The main event in the European session was the UK labour market report which surprised to the upside although there’s the usual reliability issue. Next, we will have the Eurozone ZEW which is expected to dip to 38.0 vs. 43.7 prior.

In the American session, we will get the US NFIB Small Business Optimism index (which is not a market moving event), the US PPI data and Fed’s Bostic speaking.

12:30 GMT/08:30 ET – US July PPI

The US PPI Y/Y is
expected at 2.3% vs. 2.6% prior, while the M/M measure is seen at 0.1% vs. 0.2%
prior. The Core PPI Y/Y is expected at 2.7% vs. 3.0% prior, while the M/M
reading is seen at 0.2% vs. 0.4% prior. Although we might see a market reaction, the focus will be more on the US
CPI release tomorrow.

Central bank speakers:

• 17:15 GMT/13:15 ET – Fed’s Bostic (slightly hawkish – voter)

This article was written by Giuseppe Dellamotta at www.forexlive.com.