EURUSD is trying to keep its positive momentum but investors prefer to wait for new catalysts.
The major currency pair is consolidating on Tuesday but may resume rising if the situation allows. The current quote for the instrument is 1.0730.
The beginning of this week was rather calm from the viewpoint of statistics and important events. Today, market players are expected to get back to active reactions.
In the afternoon, the Euro Area is scheduled to release preliminary data on the CPI for May, which is expected to show 7.8% y/y. A higher reading will force the European Central Bank to be more active in tightening its monetary policy and closing the QE programme or commenting on it at least. The Core CPI might show 3.6% y/y in May after being 3.5% y/y in the previous month. Any hints at ECB’s being more aggressive in its fiscal strategy will support the EUR.
The US is going to report on the Conference Board Consumer Confidence for May, which might show 103.9 points in May after being 107.3 points in April. It’s a rather significant decline but it’s difficult to expect otherwise – the US inflation is gathering momentum.
Later, investors will switch their attention to the US labour market data. The first report, the ADP Non-Farm Employment Change, will be released on Wednesday.
Source: Roboforex
