EUR/USD alternates gain with losses below the 1.0700 hurdle following Wednesday’s bounce off multi-week lows near 1.0630 on Thursday.
EUR/USD Now Focuses On Data
EUR/USD trades at shouting distance from the 1.0700 barriers, although without a clear direction, on the back of the equally flattish mood in the greenback on Thursday.
The pair manages to put further distance from Wednesday’s sharp pullback to the 1.0635/30 band as investors continue to adjust to recent comments from Fed speakers suggesting the probability that the Fed could stay on the sidelines at its next meeting on June 14.
Further news bolstering optimism among traders notes that a divided House passed a bill suspending the $31.4 trillion debt ceiling late on Wednesday, with majority backing from Democrats and Republicans, raising hopes that the Senate would approve it before the weekend.
In the domestic calendar, preliminary inflation figures in the broader euro bloc see the headline CPI rising 6.1% YoY in May and 5.3% YoY in the Core print. In addition, the Unemployment Rate in the region receded to 6.5% in April. Earlier, Retail Sales in Germany expanded by 0.8% MoM in April and contracted 4.3% over the last twelve months, while the final Manufacturing PMI came in at 42.9. Later in the session, the ECB will publish its Accounts of the May 4 gathering.
Across the pond, the ADP report is due, followed by Initial Claims, the ISM Manufacturing PMI, the final S&P Global Manufacturing PMI, and Construction Spending. In addition, Philly Fed P. Harker is due to speak in the European evening.
What To Look For Around EUR
So far this week, the sell-off in EUR/USD seems to have met some initial contention around the 1.0630 region, or 2-month lows.
In the meantime, the pair’s price action is expected to mirror the behaviour of the US Dollar closely. It will likely be impacted by any differences in approach between the Fed and the ECB regarding their plans for adjusting interest rates.
Moving forward, hawkish ECB speak continues to favor further rate hikes, although this view appears to be in contrast to some loss of momentum in economic fundamentals in the region.
This week’s key events in the euro area: Germany Retail Sales/Final Manufacturing PMI, EMU Final Manufacturing PMI, Flash Inflation Rate, ECB Lagarde, ECB Accounts (Thursday).
Eminent issues on the back boiler: Continuation of the ECB hiking cycle in June and July (and September?). Impact of the Russia-Ukraine War on the region’s growth prospects and inflation outlook. Risks of inflation becoming entrenched.
EUR/USD levels to watch
So far, the pair is gaining 0.03% at 1.0691, and a break above 1.0811 (100-day SMA) would target 1.0883 (55-day SMA) en route to 1.1000 (round level). On the downside, initial contention comes at 1.0635 (monthly low May 31), seconded by 1.0516 (low March 15) and finally 1.0481 (2023 low January 6).
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