EURUSD reached stability. Overview for 17.06.2019

The major currency pair stopped falling; market players are busy with consolidation. 

Early in the new week, EURUSD is looking quite stable without any aggressive sales so far. The current quote for the instrument is 1.1217.

Last Friday, the USA  published quite good numbers on the Retail Sales for May: the indicator added 0.5% m/m. which is a bit worse than expected. However, the April report that was revised upwards supported the USD and helped it regain positions. The Core Retail Sales also expanded by 0.5% m/m and that’s also very good. 

Such strong reports were extremely important in anticipation of the June meeting of the US Federal Reserve, which is set to take place on June 18th and 19th. No one is expecting the rate cut, but investors will surely focus on any hints at future moves of the regulator. 

Today’s macroeconomic calendar is rather empty. 

In the afternoon, the USA are scheduled to report on the Empire State Manufacturing Index for June, which may drop to 12.1 points after being 17.8 points in the previous month. Apart from this, market players will see the NAHB Housing Market Index, which is expected to go from 66 points in May to 67 points in June. 

In the evening, the ECB President Draghi is going to speak. Topics to be covered are unclear, but he may say something about budgets of the Euro Area members. 

The German BundesBank is going to publish its Monthly Report, but this document usually doesn’t have significant influence on EURUSD movements.