The Euro is not afraid of height. Overview for 03.06.2020

The major currency pair has reached the highest levels since March 16th and is still strengthening. 

EURUSD remains positive on Wednesday afternoon and continues looking upwards. The current quote for the instrument is 1.1205.

Investors are focused on the ECB meeting scheduled for tomorrow, where the regulator is expected to decide on the expansion of the Euro Area economy stimulus program. At the same time, the key rate is not anticipated to change. 

There were no interesting numbers from the USA yesterday but Monday offered something worth paying attention to. The ISM Manufacturing PMI recovered up to 43.1 points in May after being 41.5 points the month before. Of course, it’s worse than expected (43.5 points) but is looking quite well in comparison with the April reading. 

In addition to that, the ISM Manufacturing Prices got stronger in May, improving from 35.3 points to 40.8 points.

All this means that the manufacturing sector is somehow trying to “keep consciousness” and continue moving forwards. It’s a good signal and June reading might as well be much better. 

This evening, the USA is starting to report on the labor market in May, the ADP Non-Farm Employment Change. The indicator is expected to continue being negative but not as much as the month before.