1Finance

EUR/USD made a big breakout and topped 1.20 but fell quite quickly as well. Will it continue higher? The ECB meeting is undoubtedly the key event of the week, and there are other events as well. Here is an outlook for the highlights of this week.

1. Spanish Unemployment Change: Monday, 7:00. Another drop is likely now.
2. PPI: Monday, 9:00. In June, prices dropped by 0.1% m/m, as expected.
3. Services PMIs: Tuesday: 7:15 for Spain, 7:45 for Italy, final French data at 7:50, final German figures at 7:55 and the final euro-zone number at 8:00.
4. Retail Sales: Tuesday, 9:00. A rise of 0.5% was seen in June.
5. GDP (revised): Tuesday, 9:00. The updated version for Q2 GDP will likely confirm it.
6. German Factory Orders: Wednesday, 6:00.
7. Retail PMI: Wednesday, 8:10.
8. German industrial output: Thursday, 6:00. Contrary to factory orders, this measure of industrial production disappointed with a drop of 1.1% in June.
9. French Trade Balance: Thursday, 6:45. France suffers from a chronic trade deficit. In June, this deficit widened to 4.7 billion. A similar figure is likely now.
10. ECB decision: Thursday, 11:45, press conference at 12:30. Will the ECB announce QE tapering? And what will the scale be?
11. German Trade Balance: Friday, 6:00. The surplus reached 21.2 billion.
12. French industrial output: Friday, 6:45.

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