The European Central Bank will make its policy statement on July 22 at 14:45 MT (GMT+3).
In some German regions inflation beats the ECB’s objective in June
In some regions of Germany in June inflation managed to beat the ECB’s objective, as follows from Thursday’s data. It undoubtedly indicates a reliable consumer demand and also underpins the ECB's decision to cease the bond purchase program in December.
With the strengthening inflation in the EU, the European bloc’s major bank told earlier that it’s on the verge of ending its bond purchase program, which was launched in times of economic downtime and initially intended to avert deflation and boost the economy.
The given decision actually reflects uncertainties, which impact the euro zone area, including trade tensions between China, America and the European Union.
As a matter of fact, annual inflation in the most densely populated region of this European country, North Rhine-Westphalia, managed to surpass the ECB's objective of under 2%. This indicator kept to 2.1% in June, which is mostly because of higher prices for food, transport and energy.
Annual inflation managed to ascend to 2.4% from 2.3% in Bavaria, and the indicators in the lands of Baden-Württemberg, Saxony and Brandenburg also surpassed the ECB's objective.
Regional inflation indicators that aren’t coordinated with other members of the EU, will be available in national inflation data to be uncovered a bit later.
A survey conducted by Reuters before publishing regional data informed that the level of Germany’s harmonized inflation would sink to about 2.1% in June versus 2.2% the previous month.
Another indication of soaring inflation in the European Union were Spanish consumer prices – they tacked on in June at the fastest tempo since April last year, also beating the ECB’s goal.
On Friday, the euro zone is going to uncover preliminary data for June inflation. According to a Reuters survey, it’s anticipated that the annual rate is going to soar to 2% from May’s reading of 1.9%.
US Advance quarterly GDP is announced on April 29 at 15:30 MT time.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
Our analyst discusses the latest news and shares his trade ideas on gold, EUR/USD, and S&P 500. Jump in!
The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).