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Tuesday, June 2nd
After yesterday’s lows at 1.0886, EUR/USD was up this morning reaching 1.0944 mark. The European leaders met with Greece’s international creditors on Monday to move the debt negotiations forward. Ahead in the day, the markets are viewing the German and Spanish unemployment rates and euro zone’s CPI (YoY). The pair is currently trading at 1.0942 with support located at 1.0867 and 1.0819 (low of May 27). The resistance can be found at 1.0990 ahead of 1.1002.
The Australian dollar is broadly higher today after unchanged interest rate (2%) and current account deficit at A$10.7 billion, which is slightly less than the reading of the first quarter – A$10.8 billion. AUD/USD is trading at 0.7700.
The yen was considerably weaker on Monday with USD/JPY rising to its 12-and-a-half year highs. Yesterday’s positive data on U.S. manufacturing activity sent the dollar higher. Although, the yen was recovering this morning after the release of stronger monetary base data and average cash earnings. The current rate is at 123.50.
The U.S. dollar index was up against the basket of major currencies hitting the 97.34 level. The U.S. consumer spending was flat in April, but the construction spending rose 2.2% to an annual rate of $1.0 trillion.
Investors are waiting for the British Construction PMI due later in the day.
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