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EURUSD is up in the air


24 June 2021

EURUSD is consolidating and waiting for new drivers. The major currency pair is rather inactive – the previous drivers were already included in prices while the new ones haven’t appeared yet. The current quote for the instrument is 1.1933. The long-term optimism in the “greenback” is supported by the Fed’s announcement made last week that there might be two rate hikes before the end of 2023. The short-term support comes from the US 10-year bond yield increase. 

On the other hand, the statistics published by the USA were rather mixed. The Markit Flash Manufacturing PMI was 62.6 points in June after being 62.1 points in May. The Markit Flash Services PMI dropped from 70.4 points to 64.8 points over the same period of time. This drawdown may be a correction after a surge in spring. However, the outlook may be quite promising because the USA is slowly removing social restrictions. 

The New Home Sales showed 769K in May after being 817K in April and against the expected reading of 864K, probably due to the price increase. There will be a lot of interesting macroeconomic data today. For example, the Final GDP for the first quarter of 2021, which is expected to show 6.4% q/q. Also, investors will see the May reports on the Durable Goods Orders, which may correct after the previous reading, and the Wholesale Inventories.

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