📊Thursday Session Data Highlights

Rundown of main macro economic data releases on Thursday, July 29, 2021.

U.S. Q2 GDP growth rate missed market forecasts of an 8.5% increase Q/Q, the flash release showed a 6.5% rate, however, this was higher than the previous quarter 6.3% growth. The U.S. docket also saw weekly initial jobless claims coming at 400K, higher than the consensus of 380K, while continuing jobless claims increased from 3.262M to 3.269M (no bueno).

The EU Commission batch of economic sentiment surveys reach an all-time high in July 2021. The current level of the ESI for the EU is at 118.0, the highest on the index record going back to 1985. The EU Commission notes that the latest improvement was much weaker than what has been seen in previous months, signaling that a peak in sentiment indicators is near.

German harmonized inflation rate showed a preliminary increase of 3.1%, this was higher than the consensus of 2.9% Y/Y. The M/M figure came at 0.9% as consumer prices posted the fastest increase since 1993. Headline consumer prices increased at a rate of 3.8% Y/Y, from 2.1%. Analysts note that these headline increases reflect the base effects from the VAT reversal, ING says the base effects are also evident in subcomponents like prices for clothing and leisure.

📆You can find more details on economic releases in our economic calendar at cablefxm.co.uk