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EUR/USD: Euro remains under pressure _06/07/2016

Technical analysis and trading recommendations - https://fxpcm.com/en/fx/eurusd-euro-remains-under-pressure-06072016

Despite the weak data on the US (the level of industrial orders in the US in May -1.0% vs. -0.9% and + 1.8% in April), the EUR / USD fell yesterday, losing 80 points.
Today is the ECB meeting, which also addresses issues related to Brexit. As the representative of the ECB Villeroy de Galo, Brexit consequences will be most serious for the UK, and although Brexit will have an impact on the economy of the euro area, "there is no reason for pessimism regarding Brexit”. The ECB, according to Gallo, mobilized to combat the effects Brexit.

At the same time, investors' anxiety about the state of the global and European economies remains, as evidenced by the strengthening of the dollar, particularly against the European currencies, as well as increased demand for yen and gold, the price of which has reached today a new 2-year high near the mark of 1370.00 dollars per ounce.

We are waiting for economic data from the US today. Between 12:30 and 14:00 (GMT) published in the US trade balance for May, the business activity index of the PMI at Markit, the index of business activity in the services PMI from ISM in the US in June. It is expected a slight increase in the index, which should support the dollar in the market, and vice versa.

Then at 18:00 published protocols from the last meeting of the Federal Committee on the Federal Open Market Operations ( "minutes FOMC”), the text of which market participants try to understand the prospects of higher interest rates in the United States.

As said yesterday the president of the Federal Reserve Bank of New York William Dudley, the outlook for US monetary policy remains uncertain.

On Friday at 12:30 (GMT) out data on the US labor market. If they also are weak, then the probability of rate hikes in the US this year will steadily tend to zero. It will support the couple, however, the euro will remain under pressure until the process of separating the UK and the EU will not end, as the ECB did not work out the plan of the least painful way out of this situation.

Wednesday, 06 Jul, 2016 / 11:04

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Source : http://fxpcm.com/en/fx/eurusd-euro-remains-under-pressure-06072016

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