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EUR/USD Near a Key Support Level; Eurozone CPI Slows in May

EUR/USD Near a Key Support Level; Eurozone CPI Slows in May

David Maycotte,

Talking Points:

The preliminary set of May’s Eurozone CPI figures underlines the stubbornly low-inflationary environment that has gripped the Eurozone. The headline year-on-year inflation rate registered at 0.5 percent, missing expectations calling for a print of 0.6 percent, and down from 0.7 percent recorded in the previous month.

News-flow from the currency bloc has increasingly disappointed relative to market expectations in recent months, opening the door for downside surprise, and Eurozone unemployment surprised indeed, but on a positive note. The headline unemployment figure reported at 11.7 percent, beating analyst expectations calling for a print of 11.8 percent, and hitting a 4-month low.

The European Central Bank (ECB) interest rate decision on Thursday is followed by a policy announcement. Market participants will look to the actions by the ECB for a broader outlook on the single currency. The Euro has been under pressure as of late as traders speculate on ECB stimulus at the June meeting.

The Euro rebounded from year-to-date lows near at the 1.3600 handle. The EUR/USD technical perspective shows the rate is in a near term downtrend, but shows the rate at an important support level.

EUR/USD Near a Key Support Level; Eurozone CPI Slows in May

EUR/USD 5-minute – using FXCM Marketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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