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Pakistans Foreign Minister: Like the Swiss Foreign Minister, Pakistan hopes that the efforts of the United States and Iran will promote regional peace and stability.On June 13, European Central Bank Governing Council member and Bundesbank President Jean-Claude Nagel stated in an interview with German radio that even if the war with Iran ends quickly, prices may remain high for a longer period. Nagel said, "We may not even be able to return to the data levels we were based on before the conflict, because supply chains have clearly changed, and risk premiums may have increased." He was referring to the premiums that might be required for transporting goods through the Strait of Hormuz. Nagel stated, "I almost doubt we will ever return to the state before this regional conflict." The world "may continue to be affected by uncertainties and changes beyond the conflict." He indicated that interest rate hikes in the short term would make "refinancing" more expensive. "But in the long run, by clearly defining price stability as part of (economic health), we are making the greatest contribution to the economy."On June 13, the Argentine Ministry of Health announced that no rodents carrying the hantavirus had been found in Mendoza Province in western Argentina. From June 8 to 12, a team of experts from the Carlos Malfurion Institute of the National Institute of Laboratories and Health of Argentina and the U.S. Centers for Disease Control and Prevention conducted a hantavirus investigation in Mendoza Province. The team set traps to capture rodents such as the long-tailed dwarf rice rat to confirm the spread of the hantavirus in the area. The Argentine Ministry of Health stated in its report released on June 12 that no rodents carrying the hantavirus were found.Market news: Indias pollution regulator has found that Tata Groups iPhone component factory has contaminated groundwater in nearby farmland.Market news: Irans Chief Justice stated that the confrontation between Tehran and the United States and its allies will not end, and warned people not to trust Washington on the occasion of the 12-day war anniversary.

EUR/USD Forex Technical Analysis: Sellers Aiming for 1.0571 - 1.0519

Daniel Rogers

Jun 02, 2022 16:20

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EUR/USD

The Euro remains practically unchanged versus the U.S. Dollar at the start of Thursday's trading day, after falling to its lowest level since May 23 in the previous session. As rising Treasury rates and global inflation concerns boost the U.S. dollar, the single currency moves farther away from a monthly peak established on 30 May.

 

At 04:29 GMT, the EUR/USD exchange rate is 1.0654, up 0.0002, or +0.02%. Wednesday's closing price for the Invesco CurrencyShares Euro Trust ETF (FXE) was $98.61, a decrease of $0.74 or 0.74 percent.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if required, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts provide spreads beginning at 0 pips and commissions of $3.50 every 100k transacted. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any nation or jurisdiction where distribution or use would violate local law or regulation.

Euro Region PMI Slows

In Euro Zone economic news, manufacturing growth in the area slowed last month as manufacturers faced supply shortages, high pricing, and a decline in demand, according to a study indicating that consumers shifted spending to tourism and recreation. In May, Euro Zone inflation reached an all-time high of 8.1%, according to a survey released earlier this week.

 

Chris Williamson, chief business economist at S&P Global, stated, "Euro area manufacturers continue to struggle against the headwinds of supply shortages, increasing inflationary pressures, and decreasing demand amid rising economic uncertainty."

Economic Weakness and Rising Inflation Pose a Major Problem for the ECB

The price movement implies that investors are concerned about inflation and slowing GDP, which might provide challenges for the European Central Bank (ECB) and its intentions to begin raising interest rates in July.

 

The ECB must boost interest rates in order to curb inflation. In addition, the measure might hinder the already declining economic expansion. If the ECB exerts excessive pressure, the Euro Zone economy might collapse excessively and too quickly, leading to a recession. This would make the Euro weaker.

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