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Yesterday's data on the US national activity index put pressure on the US dollar and led to another attempt to strengthen risky assets. Despite the fact that the data do not have a serious weight in the market, the lack of other important reports forced traders to take into account this average statistics. The criticism of the Fed's actions by the US President was also taken quite calmly.
According to the Federal Reserve Bank of Chicago, the index of national economic activity in the United States amounted to -0.05 points against -0.48 points in April this year. The Fed-Chicago noted that the positive contribution was observed in the indicators of production, while indicators related to employment declined. The three-month moving average of the national activity index in May was -0.17 points.
Manufacturing activity in Texas rose slightly in June, but the overall index fell significantly. According to the Federal Reserve Bank, the production index in June 2019 amounted to 8.9 points against 6.3 points in May.
The overall index of business activity in June fell to -12.1 points against -5.3 points in May. The largest drop was seen in the index of companies' expectations of business prospects, which fell to -5.5, and in the index of growth of orders, which fell to -6.7 points.
Yesterday's statements by US President Donald Trump once again emphasized his "hostility" towards the actions of the Federal Reserve System. Trump once again criticized the fact that the Fed does not lower interest rates, saying that the Committee does not know what it is doing, and then compared the Fed with a stubborn child. The US President also noted that the US economy is in good condition, even despite the Fed's policy, which is now being carried out.
It also became known that US President Donald Trump yesterday signed an executive order on the introduction of new sanctions against Iran. First of all, the sanctions will affect the country's top leader Ayatollah Ali Khamenei. This is one of the toughest packages of sanctions that will deprive the largest Iranian leaders of access to financial instruments.
Immediately after that, the US President said that he was not looking for a conflict with Iran, but only wants the authorities to retreat from the development of the nuclear program and abandon the financing of terrorism.
As for the technical picture of the EURUSD pair, despite the consolidation above the resistance of 1.1390, the demand for the euro is extremely low, which indicates a possible decline in the pair before the speech of the President of the Federal Reserve, from which everyone expects a direct statement on the topic of lowering interest rates. Even if this is not followed, it is unlikely that large players will abandon risky assets, and with any good correction will open long positions. Good levels to buy are seen in the area of 1.1350 and 1.1320.
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