Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
The greenback may rise on the release
Information is not investment advice
The level of monthly PPI for the US will be out on April 11 at 15:30 MT time.
The indicator represents the change in the price of finished goods and services sold by producers. Last time the indicator came out lower, than analysts’ expectations. The actual figures disappointed the market and weakened the USD. Let’s see if it can support the greenback this time.
• If PPI is higher than expected, the USD will rise.
• If PPI is lower than expected, the USD will fall.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.