Intra-Day Market Moving News and Views
Update Time: 17 Jun 2019 03:00GMT
EUR/USD - 1.1221.. Euro is nursing loss after Friday's selloff from 1.1289 (Europe) to a 1-week low of 1.1203 as the greenback caught a bid in early New York morning following release of decent U.S. May retail sales and more importantly a huge upward revision to previous April's -0.2% reading to as high as 0.3%, traders bought the greenback broadly after the release and the pair closed near session lows at 1.1207.
Euro's decline from June's 1.1347 peak to 1.1203 strongly suggests early correction from May's 22-month bottom at 1.1108 has ended and consolidation with downside bias is seen this week. As market expectation is for the Fed to stand pat in its 2-day monetary policy meeting starting tom, the greenback is likely to maintain a biddish tone in next few days, therefore, selling euro on recovery is recommended.
Order book is pretty thin on Monday with some offers tipped at 1.1230/40 with stop above 1.1270, bids are noted at 1.1205-00 with stops below there.
Although no eco. data is due out from the euro area countries, pay attention to comments from ECB officials where some of them are attending the 3-day ECB Forum on Central Banking 2019 in Sintra, Portugal. ECB President Draghi will make an opening speech at 17:00GMT later today and then at 08:00GMT Tuesday.
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