More broadly, the Euro continues to suffer from the clear chance that the European Central Bank will be cutting interest rates in June, on present showing long before the Federal Reserve follows it down that path. USdata from the Personal Consumption and Expenditure series are due on Friday. This is known to be the Fed’s preferred pricing gauge, so it has naturally become the markets’ too.
There are some important European data releases before this one, notably Germany’s Purchasing Managers Index and the Ifo business climate snapshot. However, moves on these are likely to be limited by the wait for PCE.The Euro has plummeted far below its medium-term downtrend line, 200-day moving average and its previous trading band and now languishes close to five-month lows.
To the upside lies the fourth retracement at 1,07101. This gave way during April 12’s sharp falls and has not come close to being reclaimed since. Just ahead of that, bulls would need to retake February 14’s intraday low of 1.06962 if they are going to power back above that level.
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