The major currency pair is barely moving on Tuesday but obviously looking for reasons to grow.
On Tuesday afternoon, EURUSD is saving strengths in anticipation of new catalysts: today’s economic calendar will be rich in data. The current quote for the instrument is 1.1239.
The statistics published yesterday showed that the Pending Home Sales in the USA added 44.3% m/m in May after losing 21.8% m/m in the previous month. The actual reading turned out to be twice as much in comparison with market expectations and that’s excellent news. The real estate market is usually quite sensitive to consumer activity and if the indicator rebounds so much, there is a good reason for that.
This afternoon, the Euro Area is scheduled to release a preliminary report on the CPI in June, which may show 0.1% y/y after being 0.1% y/y the month before, which is very low for the region. The Core CPI is expected to show 0.8% y/y after being 0.9% y/y in May. A weak CPI is not a good signal for the Euro.
In the evening, the USA will continue reporting on the real estate market but today’s data is mostly going to be minor. However, one should pay attention to the Conference Board Consumer Confidenceза for June, which may recover up to 91.6 points in June after being 86.6 points in May.
In addition to that, market players will be focused on the speeches of several members of the FOMC, including the Fed Chairman Jerome Powell.
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.