The Euro started June with a growth. Overview for 03.06.2019

On Monday morning, EURUSD is slightly growing. The pair is growing early in the summer after the USD got under pressure. 

The major currency pair is “in the black” on Monday morning. The current quote for the instrument is 1.1177.

The USD got under pressure last Friday, when the US 10y bonds went down. The  situation become more negative when the FOMC member Richard Clarida said that there was a possibility of the rate reduction is case the US economy showed any signs of slowing down. According to his words, the current state of the US economy was good, but market players decided to focus on his negative comments.

Today’s macroeconomic calendar is full, but mostly of minor reports. In the afternoon, Italy, Spain, France, Germany, and the Euro Area will publish the Manufacturing PMI for May. All of them are expected either to decline or remain the same as in April. If actual readings aren’t too awful, they will be rather neutral for EURUSD. 

In the evening, the USA are scheduled to report on the ISM Manufacturing PMI for May, which is expected to go from 52.8 points to 53.0 points. This report is also pretty neutral. 

However, the report worth paying attention to is the Construction Spending in April, which may add 0.5% m/m after reducing by 0.9% m/m in March. So far, it looks more like a rebound, but let’s wait and check the components.