UK and Eurozone inflation data in focus today – Danske Bank

Analysts at Danske Bank points out that in the UK, CPI inflation data for June is due out at 10:30 CEST and will be a key economic release for today’s session.

Key Quotes

“It is the last major data release before the Bank of England meets on 2 August, and inflation needs to surprise significantly for the BoE to change its plans to raise the Bank Rate at the next meeting.”

“Today, we get the final euro area HICP figures for June. From the country figures released in advance, there is a risk that core inflation will be revised lower to 0.9% from 1.0%, indicating that the underlying inflation pressures still remain fairly weak.”

“Fed Chair Powell continues his semi-annual testimony this afternoon before the House Financial Services Committee. Powell did not change the current policy signal yesterday and the second day is usually less interesting than the first.”