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The USD switched to consolidating


9 June 2021

EURUSD has fixed within a narrow range; investors are saving strengths before the ECB and FRS meetings. The major currency pair continues consolidating on Wednesday. The current quote for the instrument is 1.2179. The statistics published yesterday were quite interesting. For example, the revised GDP report for the first quarter of 2021 in the Euro Area showed -0.3% q/q against the expected reading of -0.6% q/q. that’s good news. 

At the same time, businesses remain rather stressed. The ZEW Economic Sentiment dropped to 81.3 points after being 84.0 points before. The same indicator for Germany went from 84.4 points to 79.8 points. 

The USA reported on the NFIB Small Business Index, which showed 99.6 points in May after being 99.8 points the month before. Today’s economic calendar won’t offer many statistics important for EURUSD, so investors will continue saving strengths in anticipation of the upcoming ECB meeting scheduled for tomorrow. The regulator is highly unlikely to say something radically new about its monetary policy and economic outlook but investors prefer to wait and see. 

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