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- Asian session: euro under pressure ahead of industrial production data
Asian session: euro under pressure ahead of industrial production data
04:30 Japan Industrial output final June +3.9% +3.9% +3.8%
The euro fell against the dollar, headed for a second consecutive weekly decline, before reports that may show industrial production in the region stalled in June and Greece’s economy shrank.
The 17-nation currency was poised for its biggest weekly drop in three months against the yen as traders bet the European Central Bank may cut its key interest rate as austerity measures crimp growth. The Swiss franc pared gains against the euro even after data showed France’s economy stalled in the second quarter. The Australian and New Zealand currencies weakened before data that may show confidence among U.S. consumers dropped to the lowest level in more than two years.
US data starts at 1230GMT with retail sales, which are expected to rise 0.6% in July, as vehicle sales accelerated, but gasoline prices fell for the second straight month. Nonauto retail sales are forecast to rise 0.3%. At 1355GMT, the Michigan Sentiment Index is expected to rise to a reading of 63.5 in early-August from 63.7 in July. At 1400GMT, business inventories are expected to rise 0.5% in June. Factory inventories were already reported up 0.2% in the month.
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