The euro has been subdued in what was expected to be a quieter week. EUR/USD declines but remains within ascending channel. EUR/GBP eying support ahead of UK CPI
It’s a rather quiet day on the economic calendar in what is a rather quiet week. In fact, apart fromPMI data on Thursday, things remain quiet until the last few days of the month when we get US PCE and EU inflation data.
In the afternoon, we will hear from Fed Governor Christopher Waller and New York Fed President John Williams. Williams previously hinted in April that the Fed may have to hike interest rates if inflation continued to show a lack of progress. Since the lower April CPI, the idea of a potential hike has evaporated and the focus shifts to when the most appropriate time would be to cut rates towards the latter months of the year.
EUR/GBP initially began the year in a fairly well-defined trading range but showed bullish impetus after breaking out of the consolidation pattern. However, bullish momentum appeared lacking, as the pair struggled to maintain a steady directional move and has since shown a penchant towards mean reversion.
The current spate of selling is showing signs of fatigue as the pair attempts to trade higher after four successive days of losses. The pair could find itself propped up by trendline support, which caught the bottoms in April and earlier on in May.
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