EUR / USD cuts losses but fails to assert itself above 1.2200

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  • EUR / USD is recovering ground from daily lows, but still vulnerable.
  • The dollar loses momentum in the market, but is still in positive territory.

The EUR / USD is trading near 1.2200, having bounced from 1.2178, the day’s low to 1.2208. The dollar lost momentum in the last hours but still shows some strength against several of its main rivals.

The dollar index (DXY) is climbing slightly, trying to return above 90.00, while Treasury yields are marginally higher. This occurs in the preview of several economic impact reports and what will be the official employment report on Friday, with non-farm payrolls.

At 12:15 GMT, the ADP private sector employment report will be released and fifteen minutes later the weekly report of unemployment benefit requests. At 13:45 GMT it will be the turn of the final reading of the IHS Markit of the services sector, while at 14:00 GMT the ISM index of services for May. In addition, several Federal Reserve officials (Bostic, Kaplan, Harker and Quarles) will speak in public.

In the Eurozone, the final readings of the PMI (services and integrated) were known that showed an upward revision with respect to the preliminary data for the most part. The composite index for the region went from 56.9 to 57.1. The data did not help the euro, which is shown with an extra weakness due to the fall of the EUR / GBP below 0.8600.

Technical levels


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