EURUSD is moving to the downside; market players are interested in the USD again.
The major currency pair is falling on Tuesday morning and remains rather volatile. The current quote for the instrument is 1.2023.
Yesterday, Germany published a quite strong report on the Retail Sales, which added 7.7% m/m in March after being 2.7% m/m in the previous month and against the expected reading of 2.9% m/m.
The Manufacturing PMIs from both the Euro Area and Germany couldn’t become a strong market catalyst – the reports showed 62.9 and 66.2 points in April after being 63.3 and 66.4 points in March respectively.
However, the USA also didn’t impress. The ISM Manufacturing PMI dropped to 60.7 points in April after being 64.7 points the month before, although it was expected to expand to 65.0 points. The Markit Manufacturing PMI dropped to 60.5 points after being 60.6 points over the same period of time.
Later today, the USA is scheduled to report on its Trade Balance and Factory Orders for March, which are expected to be quite illustrative – they may demonstrate how stable the country’s economy is at the time of additional stimulus packages.
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.