Credit Agricole: trade US data
Strategists at Credit Agricole expect EUR/USD to retest the $1.3250 support today on the US manufacturing data.
In their view, a bunch of US data on the agenda has the potential to prompt a USD rebound today. With July CPI widely expected unchanged, investors’ focus will be trained upon labour and manufacturing figures.
A further improvement in August Empire manufacturing (cons. 10.2, July: 9.5) and a potential positive July industrial production surprise (cons. 0.5%, June: 0.3% m/m) could motivate renewed USD demand. As for unemployment claims, strategists also expect to see a further improvement.