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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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