EURUSD is slowly regaining positions; market players are inactive in anticipation of the Fed meeting.
The major currency pair continues growing slowly. The current quote for the instrument is 1.2140.
There were no American statistics yesterday but the Euro Area reported on the Industrial Production, which added 0.8% m/m in April after expanding by 0.4% m/m in the previous month.
Investors’ undivided attention is now switching to the June meeting of the US Federal Reserve, which is scheduled to start today and last the next couple of days. The regulator’s ultra-soft monetary policy is very likely to remain unchanged. The USD may find some support in any slight hint at the Fed’s intentions to close the stimulus program ahead of the schedule. At the same time, it’s quite clear that the regulator is not going to rush such a decision, even considering the inflating boost that happened recently.
It will be very interesting to hear comments on the current economic state and the outlook for the key macroeconomic parameters. Everything that may prove to be optimistic will provide support to the “greenback”.
In addition to that, today the USA is going to publish some data that market players may find interesting to analyze. For example, the Retail Sales, the PPI and the Core PPI, as well as the Capacity Utilization Rate for May. Taken together, these reports may provide insight into the retail sales dynamics and the ability of businesses to expand.
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.