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EUR/USD Daily Forecast – 08 June

Wednesday, Jun 07 2017
EUR/USD Daily Forecast – 08 June

Yesterday's session brought German Factory Orders figures. Based on provisional data, the Federal Statistical Office (Destatis) reports that price-adjusted new orders in manufacturing had decreased in April 2017 a seasonally and working-day adjusted 2.1% on March 2017. For March 2017, revision of the preliminary outcome resulted in an increase of 1.1% compared with February 2017 (primary +1.0%). In April 2017, price-adjusted new orders without major orders in manufacturing remained unchanged seasonally and working-day adjusted compared with March 2017. 

In the US session Crude Oil Inventories data was published.  Oil prices dropped Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies rose by 3.3 million barrels for the week ended June 2. The unexpected rise marked the first weekly increase in nine weeks.  The American Petroleum Institute late Tuesday reported a drop of 4.6 million barrels, while analysts polled by S&P Global Platts forecast a fall of 3.5 million barrels. Gasoline stockpiles also climbed by 3.3 million barrels, while distillate stockpiles were up 4.4 million barrels last week, according to the EIA.

 

Tomorrow, ECB will publish its interest rate decision followed by the press conference that should add some volatility to the market. In the US session Unemployment Claims figures will be released. Analysts anticipate decrease to 241,000.

 

Figures to watch:

 

Minum Bid Rate/ECB Press Conference (Thursday 14:30)

Unemployment Claims (Thursday 14:30)

More in this category: « GBP/USD Daily Forecast – 08 June AUD/USD Daily Forecast – 09 June »

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