The Euro is trying to find support. Overview for 02.07.2019
The major currency pair plunged towards its two weeks lows yesterday; the USD is strong again.
EURUSD plummeted towards its two weeks lows; it is still looking quite weak and vulnerable despite attempts to recover. The current quote for the instrument is 1.1293.
After market payers learned that the USA and China were ready to resume trade talks, they stopped being cautious towards the USD. Both parties assured that there would be no additional import tariffs and sanctions, and concessions made by the White House towards Huawei really improved the situation.
In the morning, Germany reported on the Retail Sales for May. After losing 2.0% m/m the month before, the indicator was expected to recover by 0.5% m/m, but it decreased by 0.6% m/m, which is a very negative signal. The index itself is very volatile and its current range is quite wide due to rate growth slowdown in the German economy and the consumption. A bit later, Germany will publish the PPI report for May, which may add 0.1% m/m after losing 0.3% m/m in April.
These reports are minor for EURUSD, but if the reading exceed market expectations, investors’ response may be quite positive.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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