The main currency pair continues recovering.
On Wednesday evening, EURUSD continue trading upwards. The current quote for the instrument is 1.1766.
After media frenzy related to the political turmoil in Italy calmed down (the problem didn’t go away anywhere, but the media stopped attracting a lot of unnecessary attention to it), investors started taking notice to other essential factors. This morning, the Eurocurrency was supported by some good numbers from the Euro Area.
The Retail PMI increased up to 51.7 points in May after being 48.6 points the month before. As a rule, investors barely respond to such statistics, but this time it became a significant catalyst due to the lack of other news and reports.
As for Italy, its new Prime Minister, Giuseppe Conte, announced his strategy how to solve problems of immigration and expand budget social expenditures. It calmed down market players a little bit: once the coalition is trying to improve things, then everything is not as bad as they expected earlier.
The statistics published by the USA in the evening were rather mixed. On one hand, the Trade Balance was -46.2B in April after being -49B in the previous months, which is good. On the other hand, the Nonfarm Productivity added just 0.4% q/q in the first quarter 2018 after expanding by 0.7% q/q the quarter before. Considering that the labor market is doing fine, this report was quite an unpleasant surprise.