Market Movers
In the euro area the main release today is euro area industrial production for June. We expect it to have contracted for the second month in a row, underscoring the considerable loss of momentum in industrial activity in Q2. Although our forecast is below consensus, industrial production already came in weaker than expected in Germany and France.
In the UK, focus today will be on the June labour market report. Most attention is expected to be on earnings growth albeit the BoE's main focus appears to have shifted back to inflation in the wake of the marked drop in inflation so far in 2015 on the lower oil prices and stronger pound.
In the US, New York Fed president William Dudley is scheduled to speak at 14:30 CET. There will be a Q&A so it could prove interesting. Questions on the effect of the yuan devaluation will be in focus, even though the speech's main subject will be the regional economy.
Prospera inflation expectations in Sweden.
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