Australian building data were the highlight of the Asian session. Building approvals jumped unexpectedly in June, showing increase by 10.9%, well above forecasted 1.5% and upward-revised May figure at -5.4%.
Despite upbeat data the Australian dollar dipped further after release, extending weakness from Monday and awaiting interest rate decision of Indian central bank and US jobs data.
Swiss Retail Sales is the first release in the European session, due at 07:15 GMT and expected to rise by 1.3% in June after falling by 0.3% in May
UK Construction PMI is the highlight of the European session. Forecast shows construction sector activity is likely to slow in July, according to consensus at 54.5 against June’s figure at 54.8.
Across the Atlantic, US ADP jobs report and US weekly crude stocks are the highlights of the US session.
US ADP report is seen as indication for more significant US Non-Farm Payrolls data, with forecast showing increase of new jobs in the private sector in July by 185K compared to 158K in June.
Data is due at 12:15 GMT.
US weekly crude inventories data are expected to show another draw in stocks last week, according to forecasted 2.9 million barrels draw against previous week’s draw of 7.2 million barrels.
Recent drawdown in the US crude inventories have boosted oil price which probed above $50 barrier, in extension of broader recovery rally.
Oil price fell on Tuesday after surprise build in US inventories by 1.8 million barrels, compared to forecasted draw of 2.9 million barrels, API oil inventories report showed
EIA weekly crude oil inventories report will be released at 14:30 GMT.