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During the course yesterday, the euro rose by 85 points and the day was closed by growth of 37 points. In the Asian session today, the price is at the close of Friday. Short-term growth was caused by the weakening of political tensions in Italy due to the formation of the coalition government, but the market probability of the country's exit from the EU remains noticeable by 5-10%. The formation of the government as a whole is not a positive action, but rather a departure from the aggravation at the present time.
The number of unemployed in Spain for May fell by 83.7 thousand against the best expectations of -105.7 thousand. while the consumer confidence index in Spain fell from 99.9 to 97.7. The investor confidence index in the euro area from Sentix for June fell from 19.2 to 9.3, with a decrease to 18.6. The eurozone producer price index for April showed zero growth against expectations of 0.2%.
In the United States, the volume of factory orders for April fell by 0.8% against the forecast of -0.4%. But the stock index of the broad S & P500 market grew by 0.45%, which indicates investors' optimism.
Today, the euro zone will receive a final estimate of the business activity index in the services sector (Services PMI) for May with an unchanged forecast at 53.9. Optimism may be on the part of retail sales, for which the April growth is projected at 0.5% versus 0.1% in March. The strong US ISM Non-Manufacturing PMI in May is expected at 57.9 against 56.8 in April.
Also at 2:00 PM London time, a discussion meeting will begin between the two ECB presidents, the current Mario Draghi and his predecessor Jean-Claude Trichet. The event is dedicated to the 20th anniversary of the ECB, therefore it will be more a cognitive meeting and a generalized view of the two concepts.
We are waiting for the euro to return to 1.1620 and further to 1.1510.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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