Feeling of market, by Alberto Carbonell

Begins a week that will be marked for the meeting of monetary policy of the ECB next Thursday. Different members of its advice have already gone feeding the discourse of the ECB's commitment with the inflation for which they will use all the instruments that they have within your reach. In the Thursday's meeting are not expected changes, although a part of the market wait a reduction of types of 10 basis points.

Additionally there is position a major interest in the subsequent press conference of Draghi in which, undoubtedly, will go out the question of if the ECB will change the definition of its objective. Remember that during last week emerged the rumour of that the ECB would be able to be considering change its inflation target given that would be questioning if an inflation target of 2% is suitable in was it “postcrisis”.

Additionally will be attentive to the publication of results. In the United States throughout the week present its quarterly figures 33% of companies of the S&P. To date, the companies that they have presenting its figures have beaten expectations of the consensus of market. At the level of details, have the publication in the United States of the PMI on Wednesday and of the GDP on Friday. For today's meeting do not have relevant economic references.

Yesterday's market

JP

The CPI grew 0.6% (0.6% esp), nearly minimum since 2017.

GE

The prices to the production fell a - 0.4% (- 0.2% esp) monthly in June, annually grew 1.2% (1.4% esp).

IRN

Islamic Revolutionary guard of Iran was made with a British oil tanker in the strait of Ormuz last week.

Schedule of events

Foreign exchange market comment

Juan Carlos Peñalta

Starts the week with the EURUSD returning to testear the area of the 1.1180/1.1200 with placed gazes in the meeting of the Thursday's ECB.

Before the appointment with the monetary authority will have a new battery of PMI`s in the Euro area, where we should see a light improvement or stabilisation after falls of the expectations of the past months.

Europe:

No data.

The USA:

US 4.00pm index activity Chicago Fed (Jun.).

Market summary