New Zealand CPIs and RBA Minutes; UK Unemployment in Focus

UK Jobs Figures and German Economic Sentiment

During the European morning we will be getting some individual important data sets from a few of the EU states. First, it will be UK’s turn to deliver its job numbers. The country is set to show if it managed to maintain May’s unemployment rate at the same level as the previous two months, at 3.8%.The figure has been on a steady decline for a few years now, since it peaked in 2012. Now the question is at what level will it change its direction and move to the upside? In addition to that, UK will release the average hourly earnings including bonus number, which is expected to have remained the same in May, as in the month before, at +3.1%. But the one excluding bonus is believed to have ticked down by a tenth of a percent and is forecasted to come out at +3.4%. If the figures come out as expected, it might not have a strong reaction in the pound, as traders might have taken this information into account already. The slightly worse numbers could make investors worry again, as recent UK economic data releases, like the manufacturing and services PMIs, came out worse than expected.

New Zealand CPIs and RBA Minutes

In the early hours of the Asian morning today, we got some important economic data from New Zealand. The country produced its inflation numbers on a YoY and QoQ basis. Both figures came out with no surprise, at +1.7% and +0.6% respectively. The YoY number is still within the Reserve Bank of New Zealand inflation target range, which is between 1 and 3 percent. The Bank tries to keep inflation around +2%, which is slightly above the up-to-date reading of +1.7%.

NZD/CHF — Technical Outlook

During the early hours of the Asian morning today, we saw NZD/CHF climbing above its key barrier, at 0.6623, marked by the highs of July 4 thand 15 th. At the same time, the pair is still balancing above a short-term tentative upside support line drawn from the low of June 24 th. That said, given that pair had already a good run to the upside from the shorter timeframe perspective, we are not excluding a small throwback at some stage. For now, we will remain cautiously-bullish and aim for higher areas.

GBP/AUD — Technical Outlook

GBP/AUD continues to slide, trading below a short-term tentative downside resistance line taken from the high of June 25 th. The pair is also balancing on its key support area at 1.7770. Given that the pair is quite oversold on the shorter timeframes, there is a possibility to see a small correction to the upside. But as long as the above-mentioned downside line remains intact, we will continue aiming lower, at least for now.

As For The Rest Of Today’s Events

Later in the day, from the US, we get retail sales, industrial and manufacturing production, all for June. Headline and core retail sales are forecast to have slowed to +0.2% mom and +0.1% mom respectively, after both rising to +0.5% in May. IP is expected to have slowed to +0.1% mom from +0.4%, while MP is anticipated to have risen +0.2%, the same pace as in June.

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