The upside move today comes despite eurozone PPI hitting a record high 37.9% year-over-year in July. According to a Bloomberg survey, most economists expect the ECB to raise its key lending rate by 75 basis points at next week’s meeting.
Germany put up some soft trade numbers for July, adding to concerns about a potential recession brewing for the eurozone.
The London Times reports that UK Chancellor Zahawi is pushing for some business support measures that were used during the Covid pandemic. EUR/USD +0.4% to 0.9988.
Eurozone’s July PPI +4.0% month-over-month (+2.5% expected; last +1.3%) and +37.9% year-over-year (+35.8% expected; last +36.0%)
Germany’s July exports -2.1% month-over-month (-2.3% expected; last +4.2%) and imports -1.5% month-over-month (+0.8% expected; last +0.1%)