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EUR/USD: Euro Ticks Lower On Mixed Eurozone Data

By Market Pulse (Kenny Fisher)ForexJun 06, 2017 10:45AM ET
EUR/USD: Euro Ticks Lower On Mixed Eurozone Data
By Market Pulse (Kenny Fisher)   |  Jun 06, 2017 10:45AM ET
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The euro has ticked lower in the Tuesday session, as EUR/USD is currently trading at 1.1269. On the economic front, there are no major eurozone indicators. In the eurozone, indicators pointed to a slowdown in the retail sector. Retail PMI dipped to 52.0, down from 52.7 points. As well, Retail Sales dropped to 0.1%, down from the previous reading of 0.3%. This was short of the estimate of 0.2%. On a brighter note, Sentix Investor Confidence improved for a fourth straight month, with a reading of 28.4 points. This easily beat the estimate of 27.6 points. In the US, today’s key event is JOLTS Job Openings, which is expected to drop to 5.65 million.

The markets are keeping a close eye on the ECB, as policymakers meet on Thursday for a policy meeting. The central bank has held the benchmark rate at a flat 0.0% since March 2016, and no change is expected at the upcoming meeting. Still, the markets would like to see the ECB acknowledge a stronger eurozone economy, and will be looking for a more hawkish tone from the rate statement and follow-up comments from ECB head Mario Draghi. The ECB has been cautious and is not expected taper its asset-purchase program, which winds up in December. Still, any hawkish nuances in the rate statement or Draghi’s comments will be seized upon by the markets, and could push the euro upwards.

The Federal Reserve holds its policy meeting next week, and the markets are widely expecting the Fed to raise rates for the second time in 2017. On Monday, the odds of a rate increase stood at 96%, but the odds have dipped to 91%, in response to the dismal Nonfarm Payrolls report on Friday. An increase in interest rates represents a vote of confidence in the US economy, but the Fed continues to have some concerns. Inflation remains stubbornly low, despite a labor market that remains close to capacity. Fed policy makers are also scratching their heads over soft consumer spending, which has not kept pace with high levels of consumer confidence. As for additional rate hikes in the second half of 2017, the markets remain skeptical, with the odds of a September rate hike at just 22%. However, stronger data in the third quarter will likely raise the likelihood a September hike.

EUR/USD Fundamentals

Tuesday (June 6)

  • 4:10 Eurozone Retail PMI. Actual 52.0
  • 4:30 Eurozone Sentix Investor Confidence. Estimate 27.6. Actual 28.4
  • 5:00 Eurozone Retail Sales. Estimate 0.2%. Actual 0.1%
  • 10:00 US JOLTS Job Openings. Estimate 5.65M
  • 10:00 US IBD/TIPP Economic Optimism. Estimate 51.6

*All release times are EDT

*Key events are in bold

EUR/USD for Tuesday, June 6, 2017

EUR/USD For Jun 5 - 7, 2017
EUR/USD For Jun 5 - 7, 2017

EUR/USD Tuesday, June 6 at 6:15 EDT

Open: 1.1257 High: 1.1278 Low: 1.1242 Close: 1.1248

EUR/USD Technical

S1 S2 S1 R1 R2 R3
1.0985 1.1122 1.1242 1.1366 1.1465 1.1534

EUR/USD ticked higher in the Asian session. In European trade, the pair has reversed directions and edged lower

  • 1.1242 remains under pressure in support
  • 1.1366 is the next resistance line

Further levels in both directions:

  • Below: 1.1242, 1.1122, 1.0985 and 1.0873
  • Above: 1.1366, 1.1465 and 1.1534
  • Current range: 1.1242 to 1.1366

OANDA’s Open Positions Ratio

EUR/USD ratio remains unchanged this week. In the Tuesday session, short positions have a majority (68%), indicative of EUR/USD continuing to move lower.

Original post

EUR/USD: Euro Ticks Lower On Mixed Eurozone Data
EUR/USD: Euro Ticks Lower On Mixed Eurozone Data

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