- EUR/USD fell to a contemporary six-day low on Monday.
- Market motion stays uneven within the absence of basic drivers.
- US Greenback Index stays on observe to shut flat beneath 92.00.
The EUR/USD pair drooped to its lowest stage since June 22 at 1.1903 on Monday however did not have a troublesome time erasing a portion of its every day losses. As of writing, the pair was down 0.05% each day at 1.1926.
Focus shifts to Tuesday’s mid-tier knowledge releases
Within the absence of high-tier macroeconomic knowledge releases from the euro space and the US, the USD’s market valuation stays the first driver of EUR/USD’s actions firstly of the week. Earlier within the day, the US Greenback Index (DXY) superior to a every day excessive of 92.00 and brought about EUR/USD to push decrease.
However, the DXY struggled to protect its bullish momentum and now seems to shut the day with small beneficial properties round 91.90.
The one knowledge from the US confirmed on Monday that the Dallas Fed Manufacturing Enterprise Index declined to 31.1 in June from 34.9 in Could however this studying was largely ignored by market members.
On Tuesday, Shopper Confidence and Financial Sentiment Indicator for the euro space and the Shopper Price Index (CPI) knowledge for Germany will probably be featured within the European financial docket. Later within the day, the Convention Board’s US June Shopper Confidence report will probably be regarded upon for contemporary impetus.
In the meantime, the CFTC Positioning Report for the week ending June 22 confirmed that speculators’ internet EUR longs dropped to the bottom in two months, suggesting that EUR/USD will not be anticipated to stage a major rebound within the close to time period.
CFTC Positioning Report: EUR internet longs at 2-month lows.
Technical ranges to look at for