Major data releases for today:

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FxPro Daily Economic Events
FxPro Daily Economic Events
New Zealand Consumer Price Index data was released and its numbers showed that the rate of growth accelerates to 1.5% (YoY) against expected 1.6%. Although the data was weaker than it was supposed, NZD showed a growth in result, as inflation was higher than 1.1% (QoQ). The growth to target 2% indicates the higher inflation pressure and approximates the moment of the policy tightening. Among major releases for today, the most important one is the employment data in Britain. The markets will be focused on unemployment claims with the expected growth of 2.3K. Last month this release showed an unexpected decline by 7.7K, although the overall trend is towards the growth, which is the sign of the labour market worsening. Also the markets will be focused on wages data. The rate of growth in Britain was falling during the previous three months after it had reached a peak at 2.8% in February. It is also worth paying attention to industrial production data in the US. The numbers showed a decline of 0.1% (May), although the annual growth rate of 3.5% remains very healthy. This release is the clear evidence that the US economy deals successfully with the higher interest rates and import levies that were introduced earlier this year. However, Powell’s speech in the US Congress will be the main focus for markets and traders. This is the first semi-annual report on the monetary policy for the new Fed chairman. His comments about the prospects of the monetary policy may affect the dollar and the markets in general.

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