IronFX Daily Commentary by Charalambos Pissouros

Japan’s CPI data in focus ahead of Yellen
• Markets are trading very quietly ahead of Chair Yellen’s speech.
• Biggest data point coming up: Japan’s CPI for Jul. (Asian morning Friday).
• Core rate exp. to rise marginally, but to remain well within negative territory.
• Another set of soft CPIs could raise the likelihood for more easing and thus hurt JPY.

Today:
• Germany: Ifo survey for Aug. Both indices exp. to rise, which may support EUR.
• Sweden: Consumer & manuf. confidence for Aug. Also, unempl. rate for Jul.
• US: Durable goods orders for Jul. are exp. to increase, which could prove USD-positive. Also, prel. Markit services PMI for Aug. and initial jobless claims for week end Aug. 19.

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