In the US, today’s focus is on the April PPI report following yesterday’s strong CPI reading, which showed persistent core inflationary pressure. Consensus expects PPI to rise by 0.5% m/m. The market will watch whether producer prices confirm broader price pressures and reinforce the Fed’s cautious stance.
In the euro area, the second estimate of Q1 GDP is expected to confirm weak growth after the preliminary reading showed only 0.1% q/q and 0.8% y/y. A key element of the report will be employment data, which is forecast to rise by around 0.1% q/q.

BREAKING: US CPI data much lower than expected ๐ EURUSD gains
Time to test the strength of the dollar
What do institutional investors expect? BofA FMS investor sentiment hits its highest level since February
Economic Calendar: Wall Street awaits US CPI report and speech by Kevin Warsh (14.07.2026)