Trade data on the cards but nothing major
Good day, everyone! Hope you're all doing well as we head into European trading later. There isn't much on the calendar in terms of key events in Europe once again as the main event for the day will come at the bottom of the hour and that's the RBA monetary policy decision and statement - although widely expected to be a snoozefest.
Here is what's on the docket later in the session:
0600 GMT - Germany June industrial production data
Prior release can be found here. After soggy factory orders and construction activity data yesterday, a softer reading here would further compound matters for the German economy at the end of Q2. It's a volatile data point so it's not one that is looked upon all too much, but it does reflect economic sentiment in the bigger picture.
0600 GMT - Germany June trade balance data
Prior release can be found here. The headline figure itself may not mean much, but the devil is in the details. Look out for how the weaker foreign demand on factory orders yesterday will have an impact on exports. Though it may not materialise it a major reaction in the euro, it's something to keep an eye on in the long-run.
0645 GMT - France June trade balance data
Prior release can be found here. Pretty much a non-event piece of data point as the French economy and trade remains rather unmoved from all the trade distractions so far.
0700 GMT - Switzerland June foreign currency reserves
Prior release can be found here. A general update on the reserves at the SNB, likely not to offer anything much so it's another inconsequential data point on the calendar (in terms of market reaction).
0730 GMT - UK July Halifax house price index
Prior report can be found here. A take on house prices and the housing market in the UK. London house prices have been declining recently - levels still elevated - so let's see if the trend continues. Not a major data point by any means.
That's all for the session today. A rather light one still and nothing substantial of note. The usual suspects will dominate the market theme again i.e. Brexit, Italy, trade. I wish you all the best of days ahead and as always, good luck with your trading!