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On Tuesday, data from the Eurozone was strong. Italy’s Industrial Production in June grew 0.3%. It was lower than a 0.5% rise forecasted earlier. However, it was better than a 0.1% rise observed in May. Italy’s GDP in the second quarter dropped 0.2% vs. estimates for -0.4%. Germany’s Factory Orders in June grew 3.9% vs. forecast for 3.8%. The euro added 47 points.
Yesterday the central bank’s Chief Economist Peter Praet said interest rates may be cut from a record-low 0.5 percent.
Today at 10:45 UTC+4 France’s Trade Balance in June is published; forecast -5.0 billion euro vs. -6.0 billion euro in May. At 14:00 UTC+4 data on Industrial production in Germany in June is published. It is expected to be 0.3% vs. -1.0% in May. At 23:00 UTC+4 data on US Consumer Credit in June is revealed; forecast $15.3 billion vs. $19.6 billion in May.
Today Federal Reserve Bank of Philadelphia President Charles Plosser speaks at 21:30 UTC+4 and Cleveland Fed President Sandra Pianalto speaks at 21:40 UTC+4. Probably they will support the idea started by Atlanta Fed President Dennis Lockhart.
From the technical point of view if the balance line of the price is tested on the H4 (red sliding) lower 1.3266, the first target is the low of August 5, 1.3232. If the level is broken it opens the way to support of trend line on 1.3200. The growth possibility seems to be restricted, the high of July 31, which coincides with Kruzenshtern line on the H4 is a strong level of resistance. Though, we do not expect speculative test of it.
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