| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | Germany | Trade Balance (s.a.), bln | May | 22.2 | 20.3 | 24.9 |
USD advanced against most of its major rivals in the European session on Monday as investors prepared for a busy week in the U.S., packed with a raft of market-moving events, the most important of which will be the U.S. June inflation report and the Federal Reserve chief Jerome Powell’s testimony.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, increased 0.06% from the previous close to 104.94.
Economists expect the consumer price index (CPI) report, slated for Thursday, will show the U.S. annual inflation rate eased from 3.3% in May to 3.1% in June. This would mark the lowest rate since January and reinforce markets’ bets on a September interest rate reduction.
Investors will also scrutinize the Fed chair Powell’s semi-annual testimony to Congress on Tuesday and Wednesday for clues on whether the U.S. central bank’s mid-September will deliver the first rate cut.
In addition, investors continued to monitor political developments in France, the Eurozone’s second-largest economy, where the outcomes of the second round of parliamentary elections provided no clear majority for any of the major political powers.