The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session as it rebounded to its fourth session since June 19 and was preparing for its first weekly gain of three weeks against the US dollar on the eve of economic developments and data expected on Friday by The economies of the euro area and the US economy are the largest economy in the world.
At 05:09 am GMT, the EURUSD rose 0.16% to 1.1272, compared to the opening at 1.1254 after the pair hit a session high of 1.1274 and the lowest at 1.1249.
The markets are currently looking for Germany, the largest economy in the euro area, to see the wholesale price index reading, which may reflect a slowdown in growth to 0.2% from 0.3% in May before we see the Eurozone economies as a whole showing the seasonally adjusted Industrial Production Index Which could reflect a 0.2% rise versus a 0.5% drop in April.
This comes in conjunction with the meetings of finance ministers of the Euro-zone ECOFIN in Brussels attended by finance ministers of the member countries of the euro area, which discuss many financial issues such as mechanisms to support the euro and government funding, and we would like to point out that these meetings are closed and the media are not allowed to transfer, They returned with interviews with the media throughout the day.
On the other hand, investors are currently waiting for the US economy to disclose the reading of the PPI, which is a preliminary index of inflationary pressures, which may reflect the stability of growth at 0.1%, unchanged from what it was in the previous reading for the month of May, and may appear The core reading of the index itself was 0.2% growth, unchanged from May.
In the same context, the PPI may slow growth to 1.6% from 1.8% in the previous annual reading for May, and the core annualized reading for the same index may show a slowdown in growth to 2.1% from 2.3% in May. Hours after inflation data was released last month, with the consumer price index reading released on Thursday surpassing expectations.
The EURUSD ended yesterday's trading without the support of the ascending channel, but it starts today with a new upward trend in an attempt to return to this channel, where it gets a positive stimulus from Stochastic, which supports the chances of continuing to rise during the coming sessions, noting that the breach of 1.1275 The price will push for gains starting at 1.1350 and extending to 1.1443.
Therefore, we will continue to tilt the upside for the next period unless the 1.1245 level is broken and stability below it.
The trading range for today is expected between 1.1200 and 1.1360 support.
The general trend for today is bullish.