Forex trading. Euro/Dollar EUR/USD forecast for today, June 9, 2021
On Tuesday, the single currency rate fell slightly against the dollar to the level of 1.2175.
Data from the ZEW Institute for June showed that the index of economic sentiment unexpectedly deteriorated to 79.8 points, well below the forecast. The same indicator in the euro zone fell to 81.3, although it was higher than preliminary estimates. The decline in expectations is largely due to more accurate forecasts of the economic situation, which has now returned to pre-crisis levels. Financial market experts still expect a rapid economic recovery over the next six months.
The final GDP growth data for the first quarter in the euro area decreased by 0.3%, compared with the previous quarter, and by 1.3% in annual terms. The employment rate for the same reporting period fell by 0.3%. Investor sentiment remains cautious ahead of important US inflation data and the ECB's monetary policy meeting scheduled for Thursday. The pace of economic recovery in the euro area seems to be somewhat underestimated, with market participants turning their attention to possible future moves by the ECB. Most likely, no statements will be made at the meeting tomorrow, as the ECB leadership is fairly confident in the temporary nature of inflation.
Forex trading. Euro/Dollar EUR/USD signals for today, June 9, 2021
The forecast assumes a decline in the Euro/Dollar exchange rate to the levels of 1.2150, 1.2125 and 1.2100.