| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 01:30 | China | PPI y/y | July | -0.8% | -0.9% | -0.8% |
| 01:30 | China | CPI y/y | July | 0.2% | 0.3% | 0.5% |
| 06:00 | Germany | CPI, m/m | July | 0.1% | 0.3% | 0.3% |
| 06:00 | Germany | CPI, y/y | July | 2.2% | 2.3% | 2.3% |
| 07:00 | Switzerland | SECO Consumer Climate | July | -36.6 | -36 | -32 |
During today's Asian trading, the US dollar consolidated against major currencies, remaining near a one-week high, as recent US data eased concerns about an impending economic downturn.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) fell by 0.05% to 103.15. Yesterday's data showed that initial jobless claims fell by 17,000 last week (the most a sharp decrease in about 11 months), to 233,000. Economists had expected a decline to 240,000. These data helped to dispel concerns about a more rapid deterioration of the labor market situation and caused a reassessment of the prospects for monetary policy. According to the CME FedWatch Tool, markets see a 55.5% probability of a 0.5% rate cut in September, and a 51.2% probability of 0.25% rate cut in November. The next important event for the markets will be the publication of the US CPI for July, which will take place on Wednesday, August 14. Investors' attention will also be focused on comments by Fed Chair Jerome Powell at the central bank's Jackson Hole Economic Policy Symposium on Aug. 22-24.
The Chinese yuan rose slightly against the US dollar on the back of China's inflation data and a firmer official exchange-rate fixing. The National Bureau of Statistics said that consumer price inflation rose more than expected in July, while producer prices continued to fall. CPI growth accelerated to 0.5% per annum from 0.2% per annum in June. Prices were expected to gain 0.3%. Meanwhile, core inflation that excludes prices of food and fuel, eased to 0.4% from 0.6% in June. The data also showed that producer prices decreased for the 22nd consecutive month. Prices fell 0.8% per annum after a similar decline in June. Economists had forecast prices to drop 0.9%.