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Forex Update before U.S. CPI

CPI chart

Fx markets are trading sideways during European session as traders await the CPI figures from the other side of the Atlantic. Euro, USD and GBP are flat for the day while AUDUSD is trading 0.17 percent lower at 0.6950. The yen is trading 0.16 percent higher against USD at 108.35. We are following news surrounding the EU – Italy front as European Commissioner for Economic and Financial Affairs Pier Moscovici keeps a hard stance against Italy commenting that “No-one should be in doubt that we will apply EU rules to Italy.” And “We need to see a credible fiscal path for 2019 and 2020 for Italy”. Italy’s Economy Minister Tria responds that there were several signs that the economic crisis could trigger a financial crisis and added that Europe would need an expansionary fiscal policy to counter the economic slowdown.

In other news that drive forex markets:

The United States MBA Mortgage Applications climbed from previous 1.5% to 26.8% in June 7.

The Central Bank of Turkey (CBRT) left policy rate (one-week repo auction rate) unchanged at 24% as expeted by economists. USDTRY not affected by the news and is trading at 5.78 down 0.11 percent.