What are the main events for today?

The European session today is once again empty on the data front. We will just get the Final Eurozone CPI report, which is not a market moving release as the market moves on fresh news. In the American session, the main highlight will be the Canadian CPI report although it’s unlikely to change much in terms of market pricing.

12:30 GMT/08:30 ET – Canada July CPI

The Canadian CPI
Y/Y is expected at 2.5% vs. 2.7% prior, while the M/M figure is seen at 0.4%
vs. -0.1% prior. The central bank focuses on the underlying inflation measures
(mainly Trimmed Mean CPI). The Trimmed-Mean CPI Y/Y is expected at 2.8% vs.
2.9% prior. The market is assigning a 98% probability of a 25 bps cut in
September and a total of 71 bps of easing by year-end.

Central bank speakers:

• 17:35 GMT/13:35 ET – Fed’s Bostic (slightly hawkish – voter)
• 18:45 GMT/14:45 ET – Fed’s Barr (slightly dovish – voter)

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