On Wednesday, the main currency pair is still under bears’ pressure; investors are waiting for the Fed meeting minutes.
The EUR/USD pair remains under pressure in the middle of the week despite rather positive statistics from the Eurozone and the low market volatility. The current quote for the instrument is 1.1320.
The reports published in the morning didn’t provide any serious support to the Euro, although they were pretty positive. The Final Services PMI increased up to 55.4 points in June in the Eurozone after 54.7 points the month before. The Retail Sales matched expectations and added 0.4% m/m in May, which is better than in April.
On YoY, the indicator expanded by 2.6%, which is significantly better than expected. In the European Union, which includes 28 countries, the Retail Sales added 0.2% m/m and 2.6% y/y. The components of the report show that in both the Eurozone and the European Union the main contribution was made by non-food products.
The market’s attitude to the USD is good right now as investors are waiting for the minutes of the previous meeting of the Fed and expecting to find any hints at the regulator’s hard and fast decision to increase the rate in the second half of 2017. Moreover, they will be glad to hear that the impulse in the economy is growing and the inflation in the country is slowly increasing.
RoboForex Analytical Department