Eur/usd - page 455
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EUR/USD forecast for the week of July 4, 2016
The EUR/USD pair initially fell during the course of the week but then turned back around to show quite a bit of strength. The previous uptrend line now looks as if it is going to be resistive, so having said that I think that we could have a bit of volatility in this region. Ultimately though, I think that with all of the uncertainty in the European Union now, we should eventually see sellers jumping into this marketplace and pushing the value of the Euro lower. Patience will be needed though.
EU Market Insight: Services PMIs & ECB Speakers Fill Week Ahead
European Central Bank (ECB) Board member Benoît Cœuré will start the macroeconomic week on Sunday, participating in Session 27 appropriately titled 'The EU is dead, long live the EU!' at Rencontres Economiques, organized by Le Cercle des Economistes in Aix-en-Provence, France.
After several months of declines, producer prices of industrial products in the euro zone are projected to rise 0.2% in May on a monthly basis after the 0.2% decline a month ago, dropping 4.0% year-on-year following -4.4% in April. The data will be released on Monday, July 4.
Spain will publish labor data for June also on Monday. While no projections are available at the moment, Spain improved its count of jobless workers last month when the records fell by almost 120,000 people.
ECB board member Ignazio Angeloni is scheduled to deliver a keynote speech during the Caixabank Lecture Series in Barcelona, Spain.
Tuesday, July 5, will bring the keenly awaited final services PMIs for June. According to the partial flash results and economists' projections, euro zone service businesses probably expanded at a slower pace in June.
The services sector in the whole euro zone reported 52.4 points in the preliminary reading, with the same number anticipated again. The flash PMI for Germany's services sector activity recorded 53.2 and is expected to hold in the final print. France's services remained in contraction territory at 49.9 points, according to flash results. No projections are available for the services sectors in Italy and Spain.
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The euro recorded a slight increase against the dollar on Friday. The session started at 1.1106, the price rebounded from the first support at 1.1100 and closed at 1.1134. If the price continues to rise the pair will head to the resistance located at 1.1286.
Spain's Jobless Falls by 124.3K in June
The number of registered unemployed in the euro zone's fourth-biggest economy posted a decrease in the sixth month of 2016, the Ministry of Employment and Social Security reported on Monday..
On the last Friday’s session the EURUSD went back and forward with a narrow range but closed in the green although in the middle of the daily range and managed to close within the previous Thursday’s range, which suggests being clearly neutral, neither side is showing control.
The pair continues to close above the 200-day moving average that is acting as a dynamic support but continues trading below the 10 and 50-day moving averages that are acting as dynamic resistances.
The key levels to watch are: A daily resistance at 1.1237, the 10-day moving average at 1.1162 (resistance), a daily support at 1.1097, the 200-day moving average at 1.1086 (support) and Fridays low at 1.0912 (support).
Euro Factory-Gate Deflation Stretches to 34th Mth in May: PPI
Annual prices of goods sold by manufacturers in the euro zone continued spiraling down in May on annual basis, data showed on Monday, underlining the subdued inflation pressures in the common currency area. Yet, it came in at higher than expected.
According to fresh data from the EU's statistical office, Eurostat, the annual Producer Price Index (PPI) trashed 3.9% in the fifth month of the year, following a 4.4% downturn seen in April.
On this basis, the index hasn't risen since June 2013, when it accelerated 0.3%.
Analysts had expected a 4.1% fall in May.