EUR/USD off session highs, back to 1.1640 ahead of EMU CPI
|- The pair advances a big figure on EU deal on migration.
- The greenback drops to fresh lows in the 94.85/80 band.
- Inflation figures in the euro area coming up next.
Positive news from the EU Summit gave extra steam to the single currency and boosted EUR/USD around a big figure to the mid-1.1600s, or session tops.
EUR/USD now looks to EMU data
Spot moved sharply higher on Friday following news that the EU reached a deal on migration, quickly regaining the 1.1600 handle and above although finding resistance in the 1.1650/60 band for the time being.
The news of a deal on the migration issue removes some pressure from Chancellor Merkel and sends a strong signal of finally some agreement in Euroland, all rendering in a robust bounce of the pair off lows in the 1.1560 area.
In the data space, German Retail Sales contracted more than expected 2.1% MoM during May, while unemployment figures will be published later. In addition, advanced inflation figures in the euro bloc are also due later.
Across the pond, Personal Income/Spending, inflation tracked by the PCE, the Chicago PMI and the final gauge of US Consumer Sentiment are all due next.
EUR/USD levels to watch
At the moment, the pair is gaining 0.61% at 1.1639 facing the next hurdle at 1.1666 (high Jun.29) seconded by 1.1671 (21-day sma) and finally 1.1720 (high Jun.26). On the other hand, a break below 1.1530 (low Jun.19) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017).
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