After today’s session which included releases in the US docket, the EURUSD made an attempt to rebound from the earlier fall from 1.1689. The pair’s last daily upside was near 1.1818. The spot index for the EURUSD remained in the negative zone today even though there was an effort to pare further losses. This wasn’t successful even though the US producer prices missed expectations in July, contracting at a rate of 0.1% monthly and moving forward at a 1.9% rate over the last one year.
The euro has dropped all week against the yen as shown by Tuesday’s Forex signal to sell the EURJPY. We sold at 130.22 and the trade exceeded all 3 of our Take/Profit targets.
(AUGUST 8, 2017 SIGNAL) EUR/JPY SELL Order = 130.22 Stop = 130.82 Take Profit #1 = 129.97 Take Profit #2 = 129.87 Take Profit #3 = 129.62
For tomorrow, critical US CPI figures are set to be released and NY Fed W.Dudley is expected to speak. The center of attention will definitely be the greenback as the currency continues to struggle. What stance Dudley might take is still unknown but he has made some dovish remarks two months ago. He reiterated and supported the notion that an inflation will likely pick up soon as higher wages are demanded due to a robust economy. He was also confident that the planned economic expansion still has a long way to go before it comes to fruition.
The events should cause a wave volatility and opportunity to trade the greenback and send Forex trade signals to our subscribers worldwide.