Today, the currency market is stagnant. Notably, yesterday, the US dollar continued rising just at the beginning of the trading day. The fact is that in the first part of the day, the UK published its macroeconomic data that led to further depreciation of the pound sterling. This, in turn, negatively affected the euro. Today, the data will be disclosed a bit later, but the result is likely to be the same.
In the best-case scenario, the growth in the eurozone industrial production will slacken to 4.5% from 5.1%. It is highly possible that the indicator will show a rise of just 4.1%. In any case, the European economic recovery will slow down. That is why the US dollar is likely to go on climbing.
Let us take a look at the trading charts ahead of the publication of eurozone macroeconomic reports.
The euro is still falling to new local lows of 2021. It has already broken the intermediate support level of 1.1460. A change in the market sentiment was proved once again. A downward movement that began in early June is considered to be the main trend.
Although the euro is oversold, it may continue sliding towards 1.1400. A gradual drop may alter the mid-term trend.
Meanwhile, the British pound resumed falling after a small pause. The currency broke the support level of 1.3400. As a result, the downtrend continued.
Market participants are ignoring oversold conditions. If the price fixes below 1.3400, sellers may have more chances to push the price even lower. Next week, the pound sterling is expected to trade within the range of 1.3250-1.3000.
00:00 Intro
01:04 EUR/USD
01:35 GBP/USD
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