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The EUR/USD pair has been quite volatile. However, it managed to regain momentum after the rate cut plunge below 1.1100. At the moment, it is heading towards 1.1300.
The economic calendar for the EURUSD will be flat. Recently, European governments failed in their effort to rally behind a candidate to run the International Monetary Fund as an official voting procedure ended in acrimony and no clear result. Additionally, Romania is set to prolong more than a year of steady interest rates, looking past the European Union's fastest inflation to take its cue from the global shift toward looser monetary policy. Despite resurgent inflation, eastern European nations have been reluctant to lift borrowing costs, citing expectations for a slowdown in global economic growth.
Today, Spanish Services PMI report is going to be published. The figure is expected to be unchanged at 53.6, Italian Services PMI is expected to increase slightly to 50.6 from the previous figure of 50.5, French Final Services PMI is expected to be unchanged at 52.2 and German Final Services is also expected to stay at 55.4. The Sentix Investor Confidence is likely to dip to -6.9 from the previous figure of -5.8.
The US dollar was affected by the weak reports on Non-Farm Employment Change and the Fed's key rate cut. Economists are warning about the ramifications of a long-lasting trade war between the US and China as Beijing has pledged to respond if the US insists on imposing additional tariffs, while President Trump said new import taxes on a long list of goods could go well beyond 25%. On the other hand, Japan and the United States have agreed to target a broad deal on bilateral trade by September, seeking to bridge differences of opinion over tariffs on beef and the automobile sector.
Today the US ISM Non-Manufacturing PMI report is going to be published. The reading is expected to increase to 55.5 from the previous figure of 55.1. The Final Services PMI is expected to be unchanged at 52.2.
TECHNICAL OVERVIEW:
The price is currently residing above 1.1120 area after bouncing off the 1.1050 support area. It is likely to move higher towards the 1.1200 and later towards 1.1300 area in the coming days. As the price remains above 1.1050 area, the bullish bias is expected to continue.
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