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EUR/USD

Jun. 7, 2023

The Euro is trading at 1.0702 following disappointing Crude Oil Inventories data from the United States

Live - Updated 2 minutes ago.

After closing the previous trading day at 1.0697, Euro-Dollar went up to 1.0742 only to drop back; still positive overall today, now trading at 1.0702.

United States's Crude Oil Inventories new data released of -451,000 below its previous figure.
In contrast to today's gains, Euro-Dollar has been on a 4 day bearish trend during which it lost 64 pips of its value.

Highly important Crude Oil Inventories data from United States beat analyst expectations of 1 million with a reading of -451,000. Germany Industrial Production released earlier showed a marked improvement to 0.3% from the preceding data of -2.1%, but fell short of the 0.6% figure forecast by a consensus of market analysts.

EUR/USD made an initial breakout above its 10 day Simple Moving Average at 1.0721, a potential indicator of a newly emerging bullish phase. Euro-Dollar's lower Bollinger Band® is at 1.0637, indicating that the market is oversold and fertile for new buyers.

Examining the technical analysis landscape, Euro-Dollar might continue its downtrend in the short term.

Tomorrow at 09:00 UTC data for Euro Zone GDP will be released, with an expected decline to zero from the preceding figure of 0.1. Euro Zone GDP expected to decline to 1.2% while its preceding data was 1.8%, data will be available tomorrow at 09:00 UTC.

GBP/NZD gained 0.86% and is now trading at 2.0605. EUR/NZD is up 0.71%. GBP/JPY is up 0.54%.

The currency pair has been trending lower for about a month. As things stand, the Euro is 3.39% away from a significant high of 1.1073, first set a month ago.

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Week to date

The Euro ends yesterday stable around 1.0702 .

Trading week at a glance - EUR/USD is up to 1.0702, after closing yesterday at zero. Overall, a 0% move or 10,702 pips this week. (Trade the Euro with FXTM now).

At the same time, Euro Zone Consumer Price Index came out at 6.1%, while a consensus of analysts was expecting 6.3%. Germany Industrial Production released earlier showed a marked improvement to 0.3% from the preceding data of -2.1%, but fell short of the 0.6% figure forecast by a consensus of market analysts. Germany Factory Orders released earlier showed a marked improvement to -0.4% from the preceding data of -10.9%, but fell short of the 3% figure forecast by a consensus of market analysts. United States ISM Non-Manufacturing PMI (May) released Monday with a figure of 50.3, while the previous figure was 51.9. Euro Zone Composite PMI released Monday with a figure of 52.8, while the previous figure was 54.1.

Elsewhere, Germany Consumer Price Index is expected Tuesday. Germany ZEW Economic Sentiment Index is expected Tuesday. Tomorrow at 09:00 UTC data for Euro Zone GDP will be released, with an expected decline to zero from the preceding figure of 0.1.

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