Starting the beginning of the week, the main currency pair has been moving to the downside; low volatility helps the USD to stabilize.
The EUR/USD continues falling slowly on Tuesday morning. The current quote for the instrument is 1.1350; it has been moving further and further from this year’s high at 1.1446.
The fact that exchanges are not too active during the Independence Day weekend is in favor of the USD. Moreover, for the first time in a long period, the USD is getting some support from the statistics. The reports published yesterday showed that the ISM Manufacturing PMI skyrocketed from 54.9 points in May to 57.8 points in June. The Final Markit Manufacturing PMI was 52.0 points, while the Preliminary reading was 52.1 points.
Today, the USA aren’t going to publish any reports due to the Independence Day celebrations; American investors have a day off. However, there will be several interesting numbers from the Eurozone.
In the middle of the day, the Eurozone will report on the PPI in May. The indicator is predicted to fall by 0.2% m/m after staying the same in April. Taking into account that the inflation in June was lower than expected, at 1.3% y/y after being 1.4% y/y in the previous month, the fact that the PPI is decreasing is pretty justified. However, during today’s trading session this factor may become negative for the Euro.
RoboForex Analytical Department