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EUR/USD Daily Forecast - 5 July

Wednesday, Jul 04 2018
EUR/USD Daily Forecast - 5 July

Yesterday, from Eurozone, Spanish Services PMI figures were released. The Spanish service sector remained well inside growth territory during June, despite rates of expansion in activity and new business easing slightly from May. Employment continued to rise at one of the fastest rates in the past 11 years. Meanwhile, the rate of input cost inflation accelerated to the steepest in almost a decade on the back of higher costs for fuel and staff. Output prices also increased, albeit modestly.

The headline seasonally adjusted Business Activity Index posted 55.4 in June, down slightly from 56.4 in May but still pointing to a marked monthly increase in service sector business activity. Growth has now been recorded in each of the past 56 months. Panellists suggested that the latest rise in activity reflected an improving economic climate.

There will be no major data releases from Eurozone tomorrow. In the US session ADP job figures, ISM Non-Manufacturing PMI and FOMC Meeting Minutes will be published. Number of employed is expected to increase by 177,000, Non-Manufacturing PMI should rose to 59.1, while FOMC Meeting Minutes would bring some volatility by the end of the session.

Figures to watch:

ADP Non-Farm Employment Change (Thursday 13:15)

ISM Non-Manufacturing PMI (Thursday 15:00)

FOMC Meeting Minutes (Thursday 19:00)

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