FOREX News and Overnight Technical Levels- June 18th

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[B]Asia - JPY/CNY[/B]

  • June monthly economic reports suggest that the Japanese economy continues to recover despite softer industrial production.
  • Consumer spending continues to remain underwater, not fully recovered according to Economic Minister Ota. Dampens likely rate hike speculation in the near term.
    [B]Europe - EUR/GBP[/B]
  • UK June Rightmove housing prices rise 0.8 percent in the monthly assessment. The overall annualized figure jumps 13.2 percent. Both figures remain better than consensus expectations.
  • Swiss industrial production for the first quarter drops 4.7 percent, annualized figure remains supported at 7.3 percent but lower than the 7.9 percent estimate.
  • SNB?s Roth notes the “Swiss economy is competitive” but indicates rising concern over the franc?s weakness as it curbs imports. Notably, a weaker domestic currency will likely boost import prices rapidly, could feed into consumer prices.