This week the major data releases that could impact Euro exchange rates will be country specific as opposed to covering the Eurozone as a whole.
Tomorrow morning in the early hours there will data releases covering import and export data as well as trade balance data for both Germany and France. Although the figures are released prior to the opening of European equity markets I think they could have an impact as Germany and France are the 2 major economies operating within the trading-bloc and any dramatic changes to what’s expected could result in swings for EUR exchange rates.
EUR/GBP could be impacted by the UK Inflation Report
The most important data due out on Wednesday is likely to be the UK’s Inflation Report Hearing for June, as any indications into future monetary policy from the Bank of England would likely result in Sterling strength, especially after such a large gain for EUR/GBP in recent months.
The situation is similar on Thursday as the UK will once again have the bulk of news releases due for release. With a popular think tank (NIESR) outlining their GDP estimate for July at 1:00pm along with Industrial and Manufacturing data scheduled for 9:30am, it could be a busy day for the EUR/GBP pair once again.
On Friday the focus is back with Europe as Spain, Italy, Germany and France will all release inflation data at different times. There needs to be a big swing from expectations to see the Euro impacted as a whole, but after such a bullish run for the Euro recently I think investors will be wary of the possibility of a batch of profit taking from day traders.
Aside from these news releases the ongoing discussions and ‘Brexit Bill’ headlines could also impact Euro exchange rates.