The
EUR/USD pair is nearing its post-NFP peak at 1.1383 ahead of the most relevant
event of the week, the US Federal Reserve monetary policy decision. The
greenback tried to recover some ground during European trading hours, helped by
the sour tone of equities. Nevertheless and despite stocks were unable to
recover, the dollar resumed its decline during the American session, ending the
day lower against most of its major rivals.
In
the data front, Germany published the April Trade Balance, which posted a
surplus of €3.2B below expected, with exports falling by 24% and imports
collapsing by 16.5%. The EU published the final version of the Q1 GDP, which
was slightly better than initially estimated, printing at -3.6%, still
indicating a steep contraction. The US published the NFIB Business Optimism
Index, which came in at 94.4 in May, beating the market’s expectations, and the
IBD/TIPP Economic Optimism for June, which slid from 49.7 to 49.
As
said, the focus is now on the US Federal Reserve that will make its announcement
today (Wednesday). The central bank is not expected to announce any relevant
change to the current policy but will publish the Summary of Economic
Projections for the first time in six months. Forecasts on growth, inflation,
and unemployment will provide hints on how policymakers see the possible
economic recovery. The country will also publish May inflation data. The EU
won’t publish macroeconomic figures ahead of the event.
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