The Euro remains positive. Overview for 01.06.2020

01.06.2020

Early in the summer, the major currency pair is looking pretty confident and planning to continue rising. 

EURUSD remains positive and confident. The current quote for the instrument is 1.1122.

Today, on the first summer day, Germany and France have days off but the statistics keep being published. 

The final estimate of the German Manufacturing PMI showed 36.6 points in May, a perfect temperature, against the preliminary reading of 36.8 points. The same indicator but for the entire Euro Area was 39.4 points, which is a bit worse than both preliminary and expected readings.  

However, the May reading for the Euro Area is better than the April one, which was 33.4 points. 

This week, there will be plenty of interesting numbers and events. For example, the European Central Bank meeting on Thursday, June 4th, or several reports on the US labor market over the previous month to be published on Thursday and Friday. As a rule, the statistics on the employment sector attracts more attention. This time, investors are expecting a further deterioration in almost all indicators: the Unemployment Rate, and both the ADP Non-Farm Employment Change and Non-Farm Employment Change. Without confident comments from the government and regulator, the expected but still gloomy numbers may make the USD weaker. 

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.