EURUSD is feeling unwell. Overview for 01.07.2022

EURUSD remains weak; investors are in no hurry to buy.

The major currency pair is looking weak on Friday. The current quote for the instrument is 1.0463.

The inflation boost in the US spoiled investors’ moods pretty much. The Consumer Price Index in the US added 0.6% m/m in May after gaining 0.2% m/m in April. On YoY, the indicator showed 6.3%.

Market players got a little bit nervous because they know that the CPI is the key indicator for the US Fed when it makes the rate decisions.

Demand for the “greenback” is quite high – investors need “safe haven” assets.

Personal Spending gained only 0.2% m/m in May after adding 0.9% m/m the month before and against the expected reading of 0.4% m/m. Personal Income, in its turn, showed 0.5% m/m, the same as expected. Market players paid no attention to either report – it was pretty clear that spending was reduced due to high inflation in the first place.

Today is the first day of the month, but the US will release labour market statistics only the next week. This will help investors to save strengths and slowly adjust to changing conditions. 

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Source: RoboForex


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