In today’s European session, from Germany we get the GfK Consumer Sentiment for July and the preliminary HICP rate for June. From Sweden we get the retail sales for May and Euro-zone’s final consumer confidence figure for June. In the American session the final GDP growth rate for Q1 is due out, as well as the initial jobless claims figure.
Also the EU summit begins today and could provide volatility for EUR and GBP crosses. On another front we would like to highlight that oil prices strengthened further yesterday, most probably due to the release of the EIA weekly crude oil inventories draw down of -9.9 million barrels. The draw down released caught the market by surprise as it was far wider than the figure was forecasted.