EURUSD is slightly rising on Thursday afternoon; market expectations are against the “greenback”.
The major currency pair is growing a little bit on Thursday and it seems like investors will need more strengths during the day. The current quote for the instrument is 1.2170.
One thing is that the US 10-year bond yield is against the USD. Another thing, which supports the European currency, is market expectations because investors believe that the ECB meeting scheduled for today will be positive and optimistic.
The European regulator is highly likely to keep its monetary policy intact but may give a positive estimate to the economic recovery process in the Euro Area and revise its expectations for the GDP and inflation upwards.
One more thing worth paying attention to is the press conference by Christine Lagarde, the ECB Governor.
The USA won’t remain in the shade as well. In the evening, the country is planning to report on the CPI and the Core CPI, which may show 0.4% m/m and 0.5% m/m in May after being 0.8% m/m and 0.9% m/m respectively the month before. Strong data may help those who put pressure on the Fed and try to make the regulator close the stimulus programs ahead of the schedule. At the same time, there are no reasons right now for an inflation boost.
Also, the USA is scheduled to report on the Unemployment Claims, which is expected to be 370K after showing 385K the week before. It might be a great support for the USD as well.