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Euro shaken by Cœuré’s speech

On Wednesday, during Asia’s session, the euro/dollar rate recovered to 1.1369. In Europe, the price hit its session high. On the back of comments from ECB board member Benoît Cœuré, the euro fell against the dollar to 1.1312 and against the pound to 0.8762. He announced that the regulator hadn’t discussed the prospect of curtailing its stimulus program at the latest meeting.

Traders ignored the final PMI readings for European Union countries as well as the Eurozone’s retail sales figures for May, which exceeded market expectations.

The euro/dollar has fallen below the 1.1330 support, meaning that the bulls have stopped believing that the euro will continue rising and will likely now jump on any rise in quotes to close their long positions.

Today’s intraday target of 1.1312 has been reached, now we wait until the end of the session. If the day closes below 1.1330, then we can prepare ourselves for a further weakening of the euro down to 1.1248, and then to 1.1150. In order to bring buyers back to the market who have closed their long positions, the day must finish above 1.1477 (4th of July high). All eyes are now on the FOMC’s minutes.

European statistics:

  • The UK’s services PMI for June dropped to 53.4 (forecast: 53.5, previous reading: 53.8).
  • The Eurozone’s services PMI for June grew to 55.4 (forecast: 54.7, previous reading: 54.7).
  • Germany’s services PMI for June grew to 54.0 (forecast: 53.7, previous reading: 53.7).
  • France’s services PMI for June fell to 56.9 (previous: 55.3, previous reading: 55.3)
  • Italy’s services PMI for June fell to 53.6 (forecast: 54.6, previous reading: 55.1).
  • Spain’s services PMI for June grew to 58.3 (forecast: 56.5, previous reading: 57.3).
  • The Eurozone’s retail sales index has grown by 0.4% (forecast: +0.3%, previous reading +0.1%).

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