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EUR/USD Daily Forecast – 06 June

Monday, Jun 05 2017
EUR/USD Daily Forecast – 06 June

From Eurozone, yesterday, Spanish Services PMI figures were released. The recent strong growth rates generated by the Spanish service sector continued in May. Further sharp increases were recorded in business activity and new orders. With workloads rising, and the prospect of new projects in future, companies took on extra staff again. Meanwhile, inflationary pressures moderated during the month.  The headline seasonally adjusted Business Activity Index posted at 57.3 in May. Although slightly below the previous month’s reading of 57.8, the index still pointed to a sharp monthly increase in activity and one that was broadly in line with those recorded since February.

In the US session Non-Manufacturing PMI data was published. The NMI® registered 56.9 percent, which is 0.6 percentage point lower than the April reading of 57.5 percent. This represents continued growth in the non-manufacturing sector at a slightly slower rate. The Non-Manufacturing Business Activity Index decreased to 60.7 percent, 1.7 percentage points lower than the April reading of 62.4 percent, reflecting growth for the 94th consecutive month, at a slower rate in May. The New Orders Index registered 57.7 percent, 5.5 percentage points lower than the reading of 63.2 percent in April.

 

There will be no major data releases both from Eurozone and USA tomorrow, so we can expect a bit steadier session.

More in this category: « GBP/USD Daily Forecast – 06 June AUD/USD Daily Forecast – 07 June »

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