19 June 2024, EUR/USD
EURUSD:
The EUR/USD is gradually increasing in value, despite the current market conditions. This is due to the upcoming quiet Wednesday, which will see few significant EU data releases and darkened US markets due to the mid-week holiday shutdown. There is a positive sentiment across the board, as investors have been able to ignore the overly cautious remarks from a number of Federal Reserve (Fed) officials.
The economic calendar for Wednesday is not particularly busy, as US markets are closed due to the Juneteenth holiday. Only mid-level releases are on offer for the Euro. The European Central Bank (ECB) will publish its latest economic bulletin, and the German Producer Price Index (PPI) is expected to rebound. The German PPI for the month is forecast to rise to 0.3% from the previous reading of 0.2%, while the German annual PPI is forecast to recover to -2.0% y/y from -3.3%.
EUR/USD traders will be monitoring the release of Friday's Purchasing Managers' Index (PMI), which will conclude the trading week with an update on expectations for economic activity in June. The pan-European HCOB manufacturing PMI is anticipated to rise to 47.9 for the month from 47.3, while the services component is expected to rise to 53.5 from 53.2. In the US, both the manufacturing and services components are expected to decline. The manufacturing component is forecast to fall to 51.0 from 51.3, while the services PMI is forecast to fall to 53.3 from 54.8.
Trade recommendation: We follow the level of 1.0740, when fixing above it we take Buy positions, when rebounding we take Sell positions.
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