Economic data will drive headlines on Thursday, with key figures from both sides of the Atlantic scheduled for release.

Action begins at 06:00 GMT with a report on German consumer confidence courtesy of GfK. Germany’s leading index of consumer sentiment is projected to decline slightly to 10.6 in July from 10.7 the previous month.

Three hours later, Italy will release its headline consumer inflation report for June. The final consumer price index (CPI) is forecast to rise 1.3% year over year.

At 09:00 GMT, the European Commission’s statistical agency will release a bevy of sentiment indicators, including: economic sentiment, business climate, industrial confidence, consumer confidence and services sentiment. The July readings are expected to change very little compared with the previous month.

The German government will release final consumer inflation data at 12:00 GMT. Consumer inflation in Europe’s largest economy is expected to weaken slightly to 2.1% annually in June, based on the harmonised index of consumer prices (HICP).

Shifting gears to North America, the US Department of Labor will report on initial jobless claims at 12:30 GMT. The number of Americans filing for first-time unemployment benefits is projected to rise 2,000 to a seasonally adjusted 220,000 in the week ended 22 June.

The Commerce Department is scheduled to release its third and final estimate of first-quarter gross domestic product (GDP) at 12:30 GMT. The world’s largest economy likely expanded 2.2% annually on the quarter, matching the previous estimate.

At 15:00 GMT, the Federal Reserve Bank of Kansas will deliver the June edition of its manufacturing index.

In terms of monetary policy, Federal Open Market Committee (FOMC) member Raphael Bostic will deliver a speech at 16:00 GMT. Fed Bank of St. Louis President James Bullard is also scheduled to speak.

EUR/USD

Europe’s common currency continued lower on Wednesday and is now threatening the year-to-date swing low set on 30 May. EUR/USD is currently trading at 1.1560, having declined more than 100 pips from Wednesday’s high. At present, the pair faces immediate support at 1.1530, the low from 19 June. Resistance is likely found up ahead at 1.1720, which is the high from Wednesday.

GBP/USD

Cable extended its losing streak in mid-week trading, falling to the lowest level since November. GBP/USD is currently trading in the low 1.3100 region, with the bears eyeing a breakdown below 1.3040. On the flipside, immediate resistance is likely seen at 1.3235.

USD/CAD

The Canadian dollar plunged on Wednesday, as rising oil prices failed to lift the commodity-sensitive loonie. USD/CAD maxed out at 1.3366, its highest level of the year. The pair would later settle around 1.3330. The Fed’s hawkish stance on the economy and interest rates continue to propel the greenback higher.