On Tuesday, the EURUSD major is likely to remain restrained, trading at a quote of 1.0442.
All eyes are focused on the meeting of the US Federal Reserve system and its decision about the interest rate. While a week ago people expected growth by 50 base points, according to what the regulator was promising, today they are counting on more decisive steps. The expected growth is some 75 base points meant for holding back inflation.
However, before the meeting the US will release important information on retail sales in May. Forecast results are +0.1% m/m after sky-rocketing in April by 0.9% m/m. Retail sales – car excluded – might have grown by 0.7% m/m in May upon growing in April by 0.6%.
It will also be important to see which groups of goods are most sensible to the growing pressure.
The Euro zone will present statistics of industrial production in April. The index is expected to have grown by 0.5% m/m after in April it lost 1.8%. Stable statistics will give the euro some support.
All volatility in EURUSD will happen late at night, when the Fed will make its decisions.
Source: Roboforex
