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EUR/USD Daily Forecast – 30 May

Monday, May 29 2017
EUR/USD Daily Forecast – 30 May

From Eurozone, yesterday, M3 Money Supply figures were released. The annual growth rate of the broad monetary aggregate M3 decreased to 4.9% in April 2017, from 5.3% in March, averaging 5.0% in the three months up to April. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate, including currency in circulation and overnight deposits (M1), stood at 9.2% in April, compared with 9.1% in March. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was more negative at -2.8% in April, from -2.5% in March. The annual growth rate of marketable instruments (M3-M2) decreased to 1.5% in April, from 9.0% in March.

Also, ECB President Mario Draghi testified about the economy and monetary developments before the Economic and Monetary Affairs Committee, in Brussels. Euro zone growth may be improving but inflation remains subdued and still requires substantial stimulus, European Central Bank President Mario Draghi said, tempering expectations for the bank's June 8 policy meeting. "For domestic price pressures to strengthen, we still need very accommodative financing conditions, which are themselves dependent on a fairly substantial amount of monetary accommodation," Draghi told the European Parliament's committee on economic affairs.

 

From Eurozone, tomorrow, Spanish and German CPI figures will be published. Spanish CPI is expected to increase by 2.1%, while German CPI should decrease by 0.1%. In the US session CB Consumer Confidence data will be released. Analysts predict decline to 120.1.

 

Figures to watch:

 

German Prelim CPI (Tuesday)

Spanish CPI (Tuesday 9:00)

CB Consumer Confidence (Tuesday 16:00)

More in this category: « GBP/USD Daily Forecast – 30 May AUD/USD Daily Forecast – 02 June »

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