EURUSD intends to rise. Overview for 30.05.2022

EURUSD is keeping its positive momentum. 

Early in the week, the major currency pair is still rising. The current quote for the instrument is 1.0755.

Last Friday’s data from the US showed that the Personal Income in April gained less than expected, 0.4% m/m, after adding 0.5% m/m in March. Personal Spending, in turn, expanded by 0.9% m/m after adding 1.4% m/m the month before and against the expected reading of 0.7% m/m. 

This growth in spending is not surprising – the CPI is increasing and affects all prices of consumer goods and services. 

The final report on the University of Michigan Consumer Sentiment showed 58.4 points in May against the previous estimate of 59.1 points, although the indicator was not expected to change. 

Today’s trading session is going to be rather calm – the US has a day off and the economic calendar offers no important statistics. 

However, after that, the week is promising to be more dynamic. As it usually happens early in the month, the US is scheduled to report on the labour market, starting with the ADP Non-Farm Employment Change on Wednesday and finishing with the Unemployment Rate, the Average Hourly Earnings, and the Non-Farm Payrolls on Friday.

There are reasons to believe that the May reports might be rather neutral, close to the forecasts. It means that the American economy is handling the monetary policy tightening very well.