Everybody likes the “greenback” again. Overview for 07.06.2021

EURUSD plunged last week and this movement may continue through this week as well. 

The major currency pair remains rather weak on Monday although the sales are not so big. The current quote for the instrument is 1.2155.

The statistics published by the USA last Friday were very interesting. For example, the Unemployment Rate improved up to 5.8% in May after being 6.1% in April, which is better than expected. The Non-Farm Employment Change was 559K after being 278K the month before. The actual reading is rather good despite being worse than expected, 645K. The Average Hourly Earnings added 0.5% m/m in May after expanding by 0.7% m/m in the previous month and against the expected reading of 0.2% m/m. 

The Factory Orders dropped 0.6% m/m in April after adding 1.4% m/m in March. It’s a usual correction and the indicator may go up in May. 

This week is going to be busy: the European Central Bank is scheduled to have another meeting, make some monetary decisions, and comment on the region’s economic state. 

The benchmark interest rate is expected to remain at zero as the time to revise it hasn’t come yet. However, the regulator’s comments on the economic state and outlook might be pretty positive.