EUR / USD today: euro is in anticipation of ECB meeting results
On Thursday, the pair EUR/USD is trading lower after yesterday’s growth on optimistic data on the reduction of tension around the trade confrontation between the US and the EU. At the beginning of the day, the euro is being pressured not only by the correction, but also by the risks caused by the expectation of the results of the ECB meeting.
Events for today:
- 14:45 – the results of the ECB meeting: the deposit rate, the ECB’s margin lending rate and the interest rate decision (July).
- 15:30 – the US news block : the volume of shipments of civilian means of production (without aircraft) (m / m), basic orders for durable goods (m / m) (June), the volume of orders for durable goods (m / m) (June), the balance of foreign trade in goods (June) and the number of initial jobless claims.
- Also at 15:30 – a press conference of the ECB.
The day is saturated with statistics on the US, but the main focus of the market is the ECB and further press conference, which will expect data on the monetary policy of the eurozone and the possibility of curtailing the incentive program. On the other hand, most of the expectations remain restrained and a reduction in the tension in trade relations between the US and the EU is unlikely to immediately have a positive impact on the policy of the ECB. But the overall tone of the euro area CBA may improve.
Prior to the ECB news release and a press conference from the pair, fluctuations in the range of 1.1750 to 1.1680 are expected. After that, the dynamics of the pair and the euro will depend on the tone of the ECB. Support levels: 1.1680, 1.1640 and 1.1600, resistance: 1.1750, 1.1800 and 1.1850.
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Hanzenko Anton
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