Morning Juice – Europe Session Prep

Good Morning Traders.
It is Friday the 17th of July. Here is what to look out for today.

Sentiment
The US launched fresh strikes against Iran on Thursday as hostilities across the Middle East continued to escalate and shipping traffic slumped in the critical Strait of Hormuz.
Japan’s Finance Minister Satsuki Katayama used her strongest language in weeks to warn of possible intervention in the currency market as the yen continues to hover near its lowest level in four decades. Oil headed for its biggest weekly advance since April as the escalating conflict between the US and Iran raised concerns about disruptions to supply from the Middle East President Donald Trump accused China of interfering with US elections in 2020, threatening to upend ties with the world’s second-biggest economy as he focuses on securing a victory in the midterms in November. The most-accurate forecaster of dollar-yen in Bloomberg’s latest rankings sees the currency sliding as far as 170 against the dollar next year, using a prediction model that largely ignores the news and focuses on technical analysis instead. Federal Reserve Vice Chair Philip Jefferson suggested the central bank should consider raising interest rates if inflation doesn’t cool soon, but said monetary policy is well positioned for now.

Docket
05:00 ET
Eurozone CPI
YoY – Forecast: 2.8% | Prior: 2.8% | Range: 2.8% / 2.8%
MoM – Forecast: -0.1% | Prior: -0.1% | Range: -0.1% / -0.1%
Core YoY – Forecast: 2.4% | Prior: 2.4% | Range: 2.4% / 2.4%