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To start your day- EUR/USD

May 23 2018, 02:11 PM (+06) | Fortfs.com

On Tuesday, EUR / USD displayed the first serious attempt over the past few days to move to a correction, which eventually ended unsuccessfully.

Yesterday, the trading day was not rich in important economic data, which created good conditions for corrective  growth of the currency pair amid overbought USD dollar. Previously, almost all reports, both from the US and Europe, increased pressure on the EUR / USD but on Tuesday investors demonstrated relative passivity on the eve of FOMC protocols publication that is going to happen today.

There are concerns that today markets will not receive any signals about at least four rate hikes this year. Just to remind- the general market expectation is four rate hikes until the end of 2018. This may increase pressure on the dollar.

Today, traders will have much more information to consider. In Europe, PMI data will setup the tone of trading in Germany as well as in the EU. So far, EUR/USD demonstrates a negative dynamics and is currently under pressure, as the data for Germany came out worse than expected. German manufacturing sector PMI continues to show negative dynamics and fell to 56.8 points from the previous 58.1. German PMI services sector also fell from the previous 53.0 to 52.1 points. Negative dynamics of German economy persists from the beginning of this year. This is clearly negative factor for European currency.

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