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EUR/USD Daily Forecast - 10 July

Monday, Jul 09 2018
EUR/USD Daily Forecast - 10 July

From Eurozone, yesterday, German Trade Balance and Sentix Investor Confidence figures were released. Germany exported goods to the value of 109.1 billion euros and imported goods to the value of 89.4 billion euros in May 2018. Based on provisional data, the Federal Statistical Office (Destatis) also reports that German exports declined by 1.3%, while imports increased by 0.8% in May 2018 year on year. After calendar and seasonal adjustment, exports increased by 1.8% and imports by 0.7% compared with April 2018. The foreign trade balance showed a surplus of 19.7 billion euros in May 2018.

Economic expectations in the euro zone may stabilize slightly in July following the sharp slide in June. The overall index rose from 9.3 to 12.1 points. However, this seems more of a "technical" counter-movement. The index for Germany, for example, has dropped again, for the sixth time in a row, to just 16.2 points. The global environment is also showing more and more signs of an economic slowdown. For Japan, for example, we are recording the sixth consecutive decline in the overall index and economic expectations for Asia ex Japan are slumping by more than 10 points. US economic expectations are also falling to their lowest level since August 2012.

Tomorrow, we would pay attention to ZEW Economic Sentiment figures. Analysts predict decline to -17.9 in German to -13.2 in Eurozone Sentiment. There will be no major data releases in the US part of the session.

Figures to watch:

ZEW Economic Sentiment (Tuesday 10:00)

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