25.06.2019: EUR surges up despite weak data (EUR,USD, GOLD, GBP)
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Traders are still hesitating to buy the US dollar as they see little benefit in it.
The euro/dollar pair rose to its highest level in three months. The euro gained momentum amid the weakness of the US currency. Thus, the growth of the single currency will continue as long as the US dollar is falling. Buyers of the euro weren’t discouraged by yesterday’s weak data on the business climate index in Germany. Today, the EUR/USD pair lost its ground after consolidation above 1.14. The pair sank after the publication of France business activity index. The reading mismatched the forecast. The euro/ dollar pair may catch bullish momentum if the US dollar declines.
Jerome Powell’s speech will determine the greenback's movements. Market participants are awaiting his comments on the possible key rate cut at the July's meeting. However, traders are unlikely to be active and open new positions before the G20 summit this weekend. More probably, investors will remain cautious due to the growing tensions in the Middle East. Iran intends to stop diplomatic communication with the United States forever after US fresh sanctions.
Amid such news, the demand for safe-haven assets has increased. Gold is trading above the important psychological level of $1,400 per ounce. The precious metal has been growing for 5 consecutive days advancing to 1500. The USD/CHF pair added gains but later abruptly changed its direction. The US dollar began to move into the green zone.
The British currency continues to recover. Boris Johnson is expected to become the new leader of the Conservative party. Now representatives of the Tories are thinking how to persuade Johnson from leaving the European Union with no deal. The GBP/USD pair is under the full control of the bulls. Buyers of the pound sterling are quite active. Therefore, the quotes of the pair are likely to go up to 1.28 or even higher.
The US dollar is trying to recover but despite the positive dynamics, it shows quite a modest growth.
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