BoE Carney Testifies, JOLTS Survey, China Trade – The focus today will be on talk, not numbers, as there are quite a few speakers during the day. BoE Gov. Carney will be center stage in the morning as he testifies in Parliament. He’s already given some big hints about what he plans for this week’s Monetary Policy Committee meeting, but he could give some more.
The US data is not that crucial. The National Federation of Independent Businesses (NFIB) small business optimism survey is forecast to improve, which could boost the dollar a little. The indicators tends not to move the currency market that much so don’t count on much volatility.
Wholesale inventories are the more market-affecting indicator. Inventories are expected to grow a modest 0.2%, which is a slowdown from +0.6% in May but still rising, which should help boost Q2 GDP. From July last year until February they only rose one month, so three consecutive months of expansion should be looked at as mildly positive and therefore dollar-supportive.
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