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EUR/USDis hovering around the 1.02220 price level, following its getting to 1.0268 in a day. Predictions that the ECB (European Central Bank) might become less traditionalist combined with other news to affect the Eurozone. This propelled EUR as the USD lags.
Chatters proposed that the ECB members may price in a rate increase of 25 or 50 bps during their next gathering. Additionally, the European Union has declared that it would lessen sanctions against Russian banks. This is geared at allowing food trade. Also, investors entertained news indicating that Gazprom will start supplying gas to Europe by the 21st of July. This development will support the EUR against the USD.
Additional EUR/USD Price Dictating Factors
The world money market improved, as European Indexes recorded significant profits and Well Street reached new July heights. However, the United States Treasury yield stayed depressed, which portrays recession worries. These affected the EUR/USD price movement.
Furthermore, last month’s (June) European CPI grew by 8.6% Year over Year. Also, the main inflation was recorded at 3.7% at the same time. Construction production in Europe spiked by 0.4% Month over Month. Oppositely, the Unites State published that Construction permit reduced by 0.6% Month over Month. While Housing also went down by 2% in the same month.
Today, the economic calendar will consist of Germany’s PPI. Also, the European Union will publish this month’s Consumer Confidence. The United States calendar will have only the current Home Sales to present. These data will be key in determining further directions of the EUR/USD.
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