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Wednesday, June 3rd
EUR/USD pushed higher after euro zone consumer price index rose by 0.3% beating the expectations of economists. The mixed data from US, which was mostly weaker, also contributed to the strengthening of the single currency. Core inflation, which excludes energy, alcohol and food, also picked up indicating that ECB’s quantitative easing program that was launched in January is proving to be effective. EUR/USD is trading at 1.1142.
The dollar was also weaker against the yen with USD/JPY falling from the 12-and-a-half-year highs to 124.12. The resistance levels are located at 124.34 and 124.81. Support levels can be found at 124.00 and 123.70.
Yesterday, the U.S. dollar index plunged over 1% to 96.09 as investors were closing their long positions in the dollar after new orders for factory goods dipped 0.4%.
The Australian dollar continued its rise to the current reading of 0.7792, which is the highest this week, after strong data on GDP.
Today, markets are watching the data on British Services PMI, euro zone interest rate decision, ADP Nonfarm Employment change in the U.S. in May, American Non-Manufacturing PMI and ECB Press Conference all due later in the day.
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