The market takes breath after the long rally. What opportunities do traders have today?
Euro zone inflation is intact in July, core inflation soars year on year
In July, inflation in the 19 countries of the European Union was intact, as European statistics office Eurostat informed on Thursday. Nevertheless, the closely watched core inflation metric excluding volatile energy costs as well as unprocessed food inched up.
Eurostat also confirmed its earlier flash evaluation of annual inflation in the EU at about 1.3%, with price surges excluding unprocessed food and energy, also confirming 1.3%.
While price surges are still below the ECB's objective of close below 2% annually, core inflation has tacked on from June’s reading of 1.2% and surpassed analyst estimates of 1.2% in a survey of 29 financial experts carried out by Reuters.
Other economic data published on Thursday disclosed that in June the euro zone's trade surplus came in ahead of experts’ expectations at about 26.6 billion euros.
Eurostat stressed that in June exports from the euro zone soared by 3.9% versus 2016, while imports demonstrated a 6.2% leap.
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.