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Thursday, June 4th
EUR/USD surged on Mario Draghi’s yesterday’s press conference speech that indicated upbeat expectations on Europe’s economy in 2015. Earlier on Wednesday, ECB kept its benchmark interest rate at 0.05%. After series of positive data from euro zone, including strong retail sales and fall of unemployment rate, the single currency soared to 1.1285. The pair is currently trading at 1.1243. Ahead in the day there will be a release of euro zone’s Retail PMI. EUR/USD is likely to find support at 1.1121 and the resistance at 1.1384.
In the U.S., the report on non-farm private employment showed the rise by 201,000 last month, which was slightly higher than expected. Meanwhile, the U.S. trade balance deficit narrowed to $40.88 billion with expectations of -44.00 billion. However, overall data was mixed with Services PMI and ISM Non-Manufacturing PMI lower than expected, which turned dollar lower against the basket of major currencies. The U.S. dollar index is currently at 95.59, down 0.53%.
Today’s data from Australia pushed the aussie down as retail sales came in flat and trade deficit widened. AUD/USD is traded at 0.7714.
Later in the day, the markets are viewing the British interest rate decision and Canadian Ivey PMI.
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