The major currency pair is retreating on Tuesday without any particular reasons.
EURUSD has been falling for the second consecutive trading session due to the empty macroeconomic calendar and absence of any important news. The current quote for the instrument is 1.1178.
However, on Monday the European currency was trying to fight and move upwards based on results of elections to the European Parliament. Pro-European parties managed to keep the majority, about two thirds, and prevented nationalist parties from extending their influence in the Parliament. As a result, the parties that are in favor of keeping the Union intact and operating inside it, are still in charge of the EP. In general, this information was rather neutral for the Euro.
There won’t be too many numbers today.
In the morning, Germany reported on the GfK Consumer Climate in June. The indicator reduced down to 10.1 points after being 10.2 points (revised downwards) in the previous month and against the expected reading of 10.4 points. This indicator is secondary, but it helps to understand what is going on in the country’s economy: consumers are rather careful when it comes to spending money and aren’t ready to part with money until they are confident in the positive future outlook.
In the evening, the USA are scheduled to publish HPI report for March, which is expected to improve a little bit. Another thing worth paying attention to is the CB Consumer Confidence for May. The indicator is expected to rise, which means that the country’s population are becoming more active in spending money. It’s good 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.