Session Recap: GBP shrugs off soft CPI

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - It has been a quiet European session despite several economic releases that markets largely shrugged off.

Majors have consolidated within familiar ranges with the AUD underperforming in the wake of RBA minutes and the GBP holding near 1.7000 despite disappointing UK CPI data.

The EUR/USD remains nearly unchanged at the 1.3560 area, while the USD/JPY is a tad higher but still capped by 102.00. The GBP/USD saw a short-lived drop to the 1.6935 area before erasing losses following lower-than-expected UK inflation figures. The AUD/USD experienced the biggest daily drop in about 2 weeks on dovish RBA minutes and hit a 1-week low of 0.9338.

European stocks recovered after 2 days of losses while commodities are correcting lower. Oil was down 0.59% at $106.25 despite escalating tensions in Iraq.

During the New York session watch for May US consumer price index, housing starts and building permits.

Main Headlines in Europe:

What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank

UK: Annual CPI up 1.5% in May

EMU: ZEW Survey – Economic Sentiment up to 58.4 in June

European stocks bounce after 2 daily losses

ECB's Linde warns global financial markets face risks

WTI, Brent slightly off following IMF cut in US GDP forecasts

Gold seen reversing from trend line resistance around $1,278.00/80.00 levels

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