European session: The dollar gained

Data:

08:30 UK Retail sales (July) 0.2%

08:30 UK Retail sales (July) Y/Y 0.0%

The dollar and yen gained against most major counterparts on speculation a report today will show U.S. inflation isn’t weak enough for the Federal Reserve to consider a third round of so-called quantitative easing.

The U.S. currency strengthened against the Australian and New Zealand dollars as sliding stock markets damped demand for higher-yielding assets. The franc weakened against the euro and dollar on speculation the Swiss National Bank will expand efforts to curb the currency’s strength.

The pound slid against the dollar after consumer spending figures added to evidence that the U.K. economy is losing momentum.

EUR/USD: the pair decreased below $1.4400.

GBP/USD: the pair decreased below $1.6500.

USD/JPY: the pair holds at Y76.55-Y76.70.

US data starts at 1230GMT with CPI and the weekly Jobless Claims. Initial jobless claims are expected to hover around 400,000 after falling to 395,000 in the previous week. Consumer prices are expected to increase by 0.4% in July after following the energy-related drop in June. AAA reported another drop in gasoline prices in the most recent month. Core prices are expected to increase by 0.2%. Shortly after, from 1235GMT, New York Fed President William Dudley is due to deliver a speech on the regional and national economic outlook in Newark.

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