Euro zone CPI unlikely to be an issue for the FX market

Attention in the euro zone also focusses on consumer prices. Analysts expect an inflation rate of 0.2% yoy for July. 

However, the data is only likely to have immediate effect on the FX market if it was to deviate massively from expectations as so far the ECB has made it abundantly clear that it will implement its bond purchasing programme as planned. 

"Of course that is still far too low for the ECB's liking. Core inflation will also remain at 0.8%", says Commerzbank. 

As the latter is projected to run until September 2016 the question of what will happen next does not yet affect the markets.