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EUR/USD Daily Forecast – 24 July

Friday, Jul 21 2017
EUR/USD Daily Forecast – 24 July

There were no data releases from Eurozone on Friday, with traders still being focused on Thursday's ECB comments. While the European Central Bank made few changes Thursday to its forward guidance and Mario Draghi said that policy makers were still waiting for wages and prices to match the region’s improving economic growth, the common currency rallied to its highest level in nearly two years.

It’s the best performer among Group-of-10 currencies this year and could still have further to run with the bank likely to announce the scaling back of its quantitative easing program in either September or October. “It’s an armor-plated rally and it won’t stop,” Peter Kinsella, a London-based senior foreign exchange and rates strategist at Commonwealth Bank of Australia, wrote in a note. “Everything speaks in favor of further EUR appreciation -- increasing portfolio inflows, changing monetary policy, improved political risks.”

 

As for Monday, from France and Germany Manufacturing and Services PMI figures will be published with analysts predicting little change. There will be no major data releases in the US part of the session.

 

Figures to watch:

 

French Flash Manufacturing PMI/French Flash Services PMI (Monday 9:00)

German Flash Manufacturing PMI/German Flash Services PMI (Monday 9:30)

More in this category: « GBP/USD Daily Forecast – 24 July AUD/USD Daily Forecast – 25 July »

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