03 July 2024, EUR/USD
Event to watch out for today:
11:00 GMT+3. EUR - Composite PMI
15:30 GMT+3. USD - Initial Jobless Claims Number
17:00 GMT+3. USD - ISM Services Business Activity Index
21:00 GMT+3. USD - Publication of the Fed meeting minutes
EURUSD:
The Euro-dollar pair spent Tuesday in fluctuations, looping just below 1.0750 as the pair struggles to find momentum. Key US employment data is released on Friday, while EU economic data remains patchy during the second half of the trading week.
Core HCOB Harmonized Index of Consumer Prices (HICP) inflation came in at 2.9% m/m in June, holding steady with the previous reading and defying the forecast for a decline to 2.8%. Overall, HICP inflation fell to 2.5% y/y as forecast, down from the previous reading of 2.6%, but European inflation remains well above the European Central Bank's (ECB) target range of 2%.
The EU Composite PMI for June is expected to remain at 50.8 and the annualized European Producer Price Index for May is expected to improve, albeit marginally, to -4.1% y/y from the previous reading of -5.7%.
The US ADP employment change for June is expected to rise slightly to 160k from the previous value of 152k. Meanwhile, the ISM Services PMI is expected to decline further to 52.5 m/m from the previous value of 53.8.
Trading Recommendation: Watch the level of 1.0750, if the level is fixed above, take Buy positions.
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