This week we saw uncertainty in the markets as most currencies saw mixed choppy price action, except the NZD which caught a strong bid on Wednesday after the RBNZ announced an end to their quarantine easing program, earlier than expected.

USD:

• Inflation was higher than expected in June at +5.4%
• Fed chair Powell says the Fed is waiting for inflation to moderate before altering policy
• Fed's "Beige Book" shows the economy has strengthened last month but supply shortages worsened
• Jobless claims hit a new low since the pandemic
• Fed member Evan says more progress on employment is needed before tapering
• Retail sales headline at +0.6% in June

EUR:

• ECB's Lagarde sees policy change in July, possible 2022 measures
• Germany's wholesale prices at +10.7% y/y
• Germany inflation rate at +2.3% y/y
• Industrial production at -1.0% in the Euro area and -0.9% in the EU
• ECB's Schnabel says to wait for core inflation to rise before tightening policy

GBP:

• BoE warns asset prices to look stretched in latest stability report
• UK inflation jumped to three-year highs in June due to price surges in clothes and cars
• UK jobs jump as the economy is beginning to bounce back
• The UK is reporting over 42k covid cases, the highest since January

CAD:

• Carolyn Rogers was appointed as new Senior Deputy Governor of the BoC
• Manufacturing sales at -0.6% to C$57.9B in May, second monthly decline
• BoC expecting short-term rise on inflation
• Wholesale goods at +0.5% to C$72.2B, the third monthly increase
• Oil expected for a big weekly drop on supply concerns

JPY:

• Machinery orders rise by +7.8%, third monthly increase
• Wholesale prices continue to surge as import costs hit new record high
• BoJ cuts Japan's growth forecast, unveils climate scheme plan

AUD:

• NAB business confidence index down from 20 to 11 in June
• Consumer confidence rises at 110.0 vs 107.8 previous
• Australia adds 29.1k jobs in June vs expected 19.7k gain
• Unemployment rate falls from 5.1% to 4.9%

NZD:

• Electronic retail card spending at +0.9%
• Food prices rise by +2.8% in June
• NZD jumps at RBNZ ends bond-buying
• Expansion in NZ's manufacturing sector in June
• Inflation surges, feeling RBNZ rate-hike bets