18 June 2024, EUR/USD
Events to watch out for today:
12:00 GMT+3. EUR - Consumer Price Index
15:30 GMT+3. USD - Retail Sales
EURUSD:
The Euro-dollar pair is trading down near 1.0730 on Tuesday in the early hours of European trading. A moderate recovery in the US dollar is leading the major pair lower. Traders prefer to stay on the sidelines ahead of the release of Eurozone inflation data and US retail sales data. US retail sales are expected to grow by 0.2% m/m in May.
The pan-European economic data is limited to mid-single digits this week, so markets will focus on Tuesday's upcoming US retail sales data. US retail sales are expected to increase 0.2% y/y in May after being unchanged at 0.0% in the previous month. Core retail sales, excluding auto sales, are also expected to be unchanged at 0.2%.
Various Federal Reserve (Fed) officials are scheduled to speak on the economic calendar during the week, with a number of policymakers expressing a markedly cautious stance on Monday. Although the latest inflation data showed a faster-than-expected decline, the Fed emphasized its reluctance to cut rates prematurely, stressing the need for more data before making any decisions.
At the end of the week, EU and US PMI data scheduled for Friday are expected to diverge: market forecasts expect a slight increase in activity in the EU and a slight decline in US PMIs.
Trading recommendation: Watch the level of 1.0740, if the level is fixed above, take Buy positions, if the level rebounds, take Sell positions.
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