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EUR/USD Current Price: 1.1868 Markit upwardly revised its Manufacturing PMIs for the EU and Germany. The official US ISM ...
The National Institute of Economic and Social Research said that inflation would soar to almost double the Bank of England's target rate in early 2022.
The Euro has rallied a bit during the course of the trading session on Monday, to continue the bullish pressure that we had seen previously. That being said, the market looks as if it is starting to test resistance.
EUR/USD is trying to get above the resistance level at 1.1880.
The dollar edged lower Monday, just above a one-month low, in tight trading ranges ahead of the release of key U.S. employment data later in the week which could influence Federal Reserve policy. The dollar index dropped close to 1% last week after Fed Chairman Jerome Powell stated, following the central bank’s July meeting, that interest rate increases were still a long way away and more economic progress was needed, particularly in terms of jobs being created, before the central bank started tapering its huge bond-buying program. Fed board member Lael Brainard restated the central bank's focus on further labor market progress at the weekend, while Minnesota Fed President Neal Kashkari warned that the spread of the delta variant of Covid-19 could slow the economy in the second half.
It’s a busy day ahead on the economic calendar, with manufacturing sector PMI numbers and German retail sales figures to keep the markets busy.
Economic data and monetary policy will be in focus in the week ahead. Both the RBA and the BoE are in action. Expect FOMC member chatter to also draw attention.
During July, Federal Reserve Chairman Jerome Powell mentioned his concerns about labor market growth twice in his public speeches.
Economic data from the Eurozone was market positive. Expect data from the U.S to also influence, however.
Serie A soccer club Juventus said on Friday it has signed a pre-underwriting agreement with a group of Italian and international banks for a planned capital increase of up to 400 million euros ($475 million). Like other soccer clubs in Europe, Juventus have been hard hit by the fallout of the pandemic, which has prevented fans from attending matches and reduced marketing and merchandise opportunities. Turin-based Juventus said it selected Goldman Sachs, JP Morgan, Mediobanca e UniCredit CIB as joint global coordinator of the offer, saying the banks agreed to enter an agreement to underwrite any unsold share.
UK’s competition watchdog has said it is not concerned about SoftBank-backed Fortress Investment Group’s £6.3bn bid to take over supermarket Morrisons
The bank posted a pre-tax profit of £2.5bn for the six months to June, up from a loss of £770m in the previous year.
EUR/USD is testing the resistance level at 1.1880.
Introducing a digital euro would represent a "fundamental shift" in the eurozone's financial architecture, Governor Gabriel Makhlouf noted.
It’s a busy day ahead on the economic calendar. Economic data from the Eurozone, Canada, and the U.S will be in focus today.