The major currency pair reached stability; investors are carefully buying in anticipation of news.
On Tuesday morning, EURUSD is slowly recovering after last week’s losses. The current quote for the instrument is 1.1238.
In the afternoon, the ECB Governor Mario Draghi is scheduled to deliver a speech. It’s not clear what he is going to speak about, but market players may be very sensitive to his comments.
A bit later, Germany will report on the ZEW Economic Sentiment, which is expected to go from -2.1 points in May to -5.7 points in June. The Euro Area will publish the same report, which is also expected to decline, from -1.6 points to -3.6 points. The more negative the reading, the worse for the European currency.
In the afternoon, the Euro Area will also report on the Trade Balance for April and it will be very interesting to see Import and Export parameters. Apart from this, investors will be presented with the final report on the Consumer Price Index for May, which is highly likely to remain unchanged at 1.2% y/y.
In the evening, the USA will report on the Housing Starts in May, which may remain the same as in April, 1.24M. Another report, the Building Permits, is expected to improve in May a little bit, 1.30M against 1.29M in April. However, both of these reports are pretty neutral for the USD.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.