EUR is floating under zero gravity. Overview for 05.07.2022
EURUSD continues consolidating in anticipation of the news.
The major currency pair remains stable on Tuesday. The current quote for the instrument is 1.0430.
US markets were closed yesterday due to Independence Day, that’s why exchanges weren’t very active. However, today investors are expected to get back to their normal routine.
The statistics published early in the week showed that the Sentix Investor Confidence dropped to -26.4 points in July after being -15.8 points the month before and against the expected reading of -19.9 points. It’s bad news.
One of the members of the European Central Bank said yesterday that the regulator should raise the benchmark interest rate by 25 basis points in July and introduce a 50-point rate hike in September. He believes that such a strategy is supported by many monetary policymakers of the ECB.
Today there will be a couple of reports worth paying attention to. The first report is the Services PMI for June, which is expected to remain unchanged at 52.8 points. Market players shouldn’t worry as long as the indicator remains above 50 points, the psychologically important level; however, any declines may be a little bit alarming. The second one is the Factory Orders from the US, which might gain 0.5% m/m in May after adding 0.3% m/m in April. The stronger the data, the better for the “greenback”.
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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