The Euro unexpectedly fell against the dollar due to immigration policy
Trends in the foreign exchange market change all the time: the greenback is under pressure because of the trade conflict with China, then the single currency – because of migration policy, the British pound because of Brexit. And in moments of serious conflicts we are seeing in the Forex market fluctuations and avoiding risk.
Auction in July began with the weakening of the Euro. On the hourly chart, the price drop looks like a downward correction to the upward movement 1,1527 to 1,1690. The correction was 38.2. At the time of writing the Euro is at 1,1637 against an intraday low of 1,1627. The objective of single currency in today 1,1611.
The pound also started the week with declines, adjusted with 1,3213 to 1,3126.
States today will publish data on business activity in the manufacturing sector from ISM. In June is expected to decline to 58.2 from 58.7 in may. If the ratio is 58.2 per above, the dollar strengthened. If the value coincides with the forecast, the reaction should not be expected. The value 58,2 considered by the market. The main event of the week will be report Non-farm payrolls (NFP).
Published by the European statistics
The index of business activity in Italy for June was 53.3 (consensus: 52.6 in October, the previous value was equal to 52.7 in).
The index of business activity in France in June to 52.5 (consensus: 53.1, the former value of 53.1).
The index of business activity in Germany in June amounted to 55.9 (forecast was 55.9 per, the previous value of 55.9).
The index of business activity in the Eurozone in June amounted to 54.9 (consensus: 55.0, the previous value of 55.5).
The index of business activity in the UK for June was 54.4 (forecast was 54.1, the previous value was equal to 54,3).
Unemployment in the Eurozone in may was 8.4% (the forecast was 8.5%, the previous value was equal to 8.4 percent).