The Euro finished Monday with a modest growth
Monday, September 3, trades on the Euro closed in the positive territory. In the United States and Canada markets are not working on the national holidays. In this regard, the Forex market was recorded low activity in the U.S. session. By the close of trading in Europe, the price recovered to the level of 1,1628.
Additional support for the single currency helped its growth in the cross EUR/GBP.
The pound fell on the statements of the representative of the EC Michel Barnier that he will not accept the latest proposal of the Prime Minister of the UK Theresa may. Barnier is the chief negotiator on the issue of trade relations of the EU with the UK after the “Brekzita”.
On Tuesday at the Asian session the price returned to the lower channel line of the corrective movement from 1,1585. The technical picture for the time period looks as if the sellers were going to 1,1555. I’m not against such a scenario, but on hourly cycles and patterns corrective phase is expected to last until Thursday. The market owes nothing to anyone. It’s a calculation. Resistances are 1,1639 and the balance line on 1,1623.
At 10:15 GMT Switzerland published the consumer price index for August. Does not affect the market.
At 11:30 GMT UK will release PMI index for the construction sector for August. Pound responds to this event.
At 12:00 GMT Eurozone will present producer price index for July. Does not affect the market.
At 16:45 GMT the U.S. will release the index of business activity in the manufacturing sector in August, and at 17:00 GMT — ISM manufacturing index for August and the amount of construction spending for July.
At 17:30 GMT a speech will be made by the President of the Chicago fed Charles Evans.
At 22:30 GMT the U.S. will announce the change in total vehicle sales for August.