EURUSD is trying to grow. Overview for 04.08.2022

EURUSD is recovering after plunging the day before. 
The major currency pair reached stability after yesterday’s decline. The current quote for the instrument is 1.0188.

The Markit Services PMI in the US showed 47.3 points in July against the expected reading of 47.0 points. No matter what, the indicator remains below the psychologically important level of 50 points. The ISM Services PMI was 56.7 points against the expected reading of 53.5 points. 

It’s rather unusual – the indicator was expected to fall because business activity in the country should decrease when the benchmark interest rate rises. So far, manufacturers and enterprises have managed to deal with it. 

Does it mean that the US Fed’s strategy to tighten its monetary policy and fight inflation doesn’t work? We should wait for ту more release at least. 

Today’s trading session is going to be rather calm in terms of fundamental statistics. Market players should pay attention to the weekly report on Unemployment Claims, which is expected to show 262K after being 256K the week before. 

Another thing to watch is the US Trade Balance for June, which might drop due to the complications with China. 

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Source: RoboForex


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