Today is expected to be a relatively busy day for the euro. The final inflation data for May in Spain and France will be published in the first half of the day. In addition, the ECB President Draghi plans to speak after the publication of data on inflation in Spain. Investors are concerned primarily with whether Draghi will strike a blow at the euro with his comments, thus reversing the last Thursday’s growth of the single currency.
Meanwhile, on the eve, the EURUSD pair briefly came under pressure after the tweet of US President Donald Trump, that the euro is now too weak a currency, which also affects the US competitiveness.
In addition, EURUSD has recently become much more active in responding to the uncertainty surrounding the future direction of the policy of the American regulator, which the ECB President cannot ignore.
At the moment, the pair is trading with a slight increase at 1, 1338.
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The New Zealand dollar was under pressure after today's fundamental statistics. According to her, retail sales of electronic cards in the country fell by 0.5% in May compared with the previous month, which was worse than the forecast growth of 0.7%. The production of durable goods is experiencing the greatest cost reduction, declining by 0.8%.
Expenditures on food and alcoholic beverages indicate the largest decrease, by 0.4%. There was also a decrease in expenditures in the clothing and fuel industries, while there was no change in the tourism sector.
At the time of this writing, the New Zealand dollar fell by 0.14% to $ 0.6573.
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The lack of statistics from the UK will force the pound to react again to internal political tensions around the new candidate for the post of prime minister and the Brexit topic that has already bothered much the British people.
On the eve, the British currency was supported by the Labor Party, after their activation in the direction of complete blocking of Brexit without a trade deal with EU. At the time of writing, the pound fell 0.07% to $ 1.2716.
How to trade on Forex?
Forex trading recommendations:
EURUSD: Buy. Entry point – 1, 1330. Take Profit – 1, 1347. Stop Loss – 1, 1301.
GBPUSD: Buy. Entry point – 1, 2722. Take Profit – 1, 2753. Stop Loss – 1, 2669.
USDCAD: Buy. Entry point– 1, 3293. Take Profit – 1, 3311. Stop Loss – 1, 3261.