The Euro is reaching stability late in the week. Overview for 10.06.2019
The major currency pair is less volatile late in the week, but market players remain nervous and area ready to act.
On Friday morning, there is a slight correction in EURUSD after yesterday’s attempt of the pair to update its highs. The current quote for the instrument is 1.1267.
The results of the June ECB meeting that was over yesterday were pretty optimistic for the European currency: the regulator commented on the long-term TLTRO program, which was announced to be quite wide and intensive. In addition to that, the ECB said it wasn’t going to increase the rate until the middle of 2020 at least. Taken together, these factors helped EURUSD grow a little bit.
In the morning, Germany is going to report on the Industrial Production for April, which may lose 0.4% m/m after adding 0.5% m/m the month before. This may make the European currency fall in the first half of the day.
The first Friday of every month is the time when the USA are publishing Non-Farm Employment Change. The May report may show 180K after 263K in April.
One should remember that the there is no direct correlation between the NFP and the ADP report that was published earlier. There are common aspects, but decline in one of them doesn’t necessarily mean the same in the other.
Another important reading, the Unemployment Rate, is widely expected to remain unchanged at 3.6%. one more report that is definitely worth paying attention to is the Average Hourly Earnings. The indicator may add 0.3% m/m in May after expanding by 0.2% in the previous month. As usual, the stronger the readings, the better for the American currency.
A bit later, the USA are scheduled to report on the Wholesale Inventories for April, which is expected to remain the same as the month before. Finally, the Consumer Credit, which may show 11.5B after being 10.3B in the previous month.