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- Forex: Wednesday's review
Forex: Wednesday's review
European data starts at 1000GMT by German in industrial output data. At 1145GMT, the ECB decision is due, which will be followed at 1230GMT
by the usual press conference with ECB President Jean-Claude Trichet.
UK data includes at 0830GMT Industrial Production/Manufacturing Output data is due for release. The data is expected to show a bit of a rebound from the previous month, with industrial production rising 1.3% m/m but remaining lower by a reading of -0.4% y/y. Manufacturing output is seen
up 1.1% m/m, 2.2% y/y. The Bank of England Monetary Policy Committee makes it's announcement at 1100GMT but no change is expected in either
the current 0.50% overnight rate or the 200 billion level of asset purchases.
At 1215GMT, the ADP National Employment Report is due. Last month the unexpectedly soft reading caused some to revise their estimates
lower. The lackluster 54,000 increase in non-farm payrolls justified the revision. At 1230GMT, initial jobless claims are expecting toll to 420,000 in the July 2 week. Claims have been above 420,000 since the April 30 week. In the July 25 week, a labor analyst said there no special factors
contributing to the decline of 1,000 claims.
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