On Tuesday, the major currency pair stopped retreating and is trying to find support.
EURUSD stopped falling on Tuesday morning and started consolidating. The current quote for the instrument is 1.1314.
Yesterday, the USA and Mexico announced that they had come to some kind of agreement on the migrant policy and import tariffs, which was positive for the American currency. At the same time, investors had a lot of discussions of European monetary policymakers’ comments, who talked about a possibility of the benchmark rate cut in case the region’s economy slowed down.
Global trade wars started by the USA reached some kind of stability, thus making the USD stronger. It’s rather positive, because a quarrel between the USA and Mexico might cause nothing but a serious stress to the global community.
There aren’t many numbers in the macroeconomic calendar today. In the afternoon, the Euro Area will publish the Sentix Investor Confidence for June, which is expected to show -3.3 after being 5.3 in May. The reading will not be too shocking and may be considered as a correction, because the May report was extremely high.
In the evening, the USA are scheduled to report on the NFIB Small Business Index for May, which is expected to reduce down to 102.3 points. Also, market players will see the PPI for the same period, which may add 0.1% m/m after expanding by 0.2% m/m the month before.
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.