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The eurozone announced a budget surplus of €14.9 billion for June. This compared with a surplus of €13 billion in May, but it was below the €15.3 billion estimate. Brussels also announced a rise in inflation of 1.6% in July compared with last year, which was in line with analysts’ expectations. Trading volumes have been thin this morning, and market volatility has been low, but EUR/USD did drift lower on the back of the trade balance figures.
We are not expecting any more updates from the eurozone. At 1.30pm (London time) US building permits and housing starts figures are released, and this will help us gauge the strength of the US construction industry. Yesterday the US revealed mixed figures: jobless claims numbers were strong, while industrial production and Empire manufacturing figures were weak. This has left traders in two minds about the prospect that the Fed will taper its quantitative easing programme.