According to data published on Friday, US inflation in June increased to 0.1% against May’s zero value. The CPI without taking food products and energy into consideration increased by an expected 1.8%. The situation is still far from what the Fed wants to see. Although, the housing market is doing better than expected with the number of homes that have been started to be built reaching 1.174 million; 9.8% higher than in May. The number of construction permits for housing also increased in June and in doing so reached an eight-year maximum of 1.343 million.
The dollar’s position is strengthening against the majority of currencies due to the expectation of an interest rate rise. However, the US Federal Reserve still hasn’t lost its skill of serving up a surprise and so the expectations of a September hike could be wrong.
Banks in Greece have opened today but the stock market won’t be in operation until the end of the week. The majority of capital controls are still in place. Taxes are up and with them are prices: on average by 9%. Today the ECB is awaiting payment from Athens to the tune of 4.2 billion euros.
The Greek government has given the task of carrying out ECB and IMF payments of 6.25 billion to the country’s central bank. The country has received a credit bridge of 7.16 billion euros for three months. The negotiations with creditors are due to resume in the coming days.
The euro/dollar is continuing to trade at 1.0839. For the moment there are no significant factors for price movement. The statistical calendar for today doesn’t contain any important macroeconomic data.
Today it’s worth having a listen to what the American finance minister, Jack Lew, has to say.
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Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.
Director of Alpari's analytical department
## ojimadu position
Senior Alpari analyst
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