The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session to see a rebound in the eighth session in nine sessions from its highest since early May against the US dollar on the eve of developments and economic data expected Thursday by the Eurozone economies and the US economy. The world economy, which includes the orientation of voters from 28 countries of the Union today and tomorrow Friday and after Saturday to the ballot box for the election of 751 members of the European Parliament.
At 04:42 GMT, the EURUSD fell 0.01% to 1.1149, compared to the opening at 1.1150, after the pair reached a low of 1.1148 and a high of 1.1157.
German markets are looking for the end-of-quarter GDP reading, which may reflect the growth stability of the eurozone's largest economy at 0.4%, unchanged from the previous reading and unchanged at zero levels in the fourth quarter. The same growth stability of 0.7%, and the seasonally adjusted annual reading of the index may show a 0.6% growth.
Before the French economy and the economy of the region as a whole saw the initial reading of the Markit Index for Industrial and Service Purchasing Managers this month, which may reflect the expansion of the industrial and service sectors in France, the contraction of the industrial sector and the contraction of the expansion of the service sector in Germany, The expansion of the industrial sector and the expansion of services in the economies of the region as a whole.
This comes before Germany's biggest economy is also seeing the IFO Business Climate Index reading, which may reflect the stability of the widening at 99.2, little changed from last April, while the same indicator reading of expectations may see the width widen to its value 95.0 vs. 95.2 in April. The same indicator reading of the current assessments may show a widening to 103.5 versus 103.3 last month.
The European Central Bank issued its semi-annual report to review financial stability, and the release of the European Central Bank's monetary policy meeting held on the 10th of last month, during which the interest rate was maintained at current zero levels and the marginal lending rate stabilized at 0.25% On the negative deposit rate of -0.40%.
On the other hand, we followed Wednesday the European Commission reported that it is closely following the developments of the file of Britain's exit from the European Union and patiently waiting for the final British decision on its position on leaving the Union. In another context, the Italian Prime Minister Giuseppe Conte said he believes that the policies followed by the Union Has a devastating social impact and is in dire need of rapid change, while expressing his government's commitment to exceeding its growth expectations this year.
On the other hand, investors are currently waiting for the US economy to read the Jobless Claims for the week ending May 18th, which could reflect a rise of 3K to 215K vs. 212K last week, Investors' claims for the week ending on the 11th of this month rose 9,000 to 1,690,000 versus 1,660,000.
This comes before we see the largest industrialized country in the world disclosure of the preliminary reading of the Industrial Purchasing and Service Index Markit for the United States for the month of May, amid expectations for the expansion of the industrial sector to 53.0 compared to 52.6 in April, and the expansion of the service sector to what 53.6 versus 53.0 in April.
To reveal the housing market data with the release of the new home sales index, which may show a decline of 2.5% to 678 thousand homes compared to a rise of 4.5% at 692 thousand homes in March, and comes hours after the disclosure of minutes of the meeting of the Federal Committee, which expressed the During which the monetary policy makers of the Federal Reserve are determined not to take any steps towards interest rates "for some time" even if the economy improves.
Technical Analysis
The EUR / USD pair continues its negative negative move to the 1.1180 level. Therefore, there is no change in the short and short term bearish scenario targeting 1.1100 and 1.1000 as the next major stops, while achieving stability below 1.1180 and above 1.1255.
The trading range for today is expected between 1.1070 and 1.1230 support.
The general trend for today is bearish.