- Análisis
- Análisis de mercado
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- Euro is Waiting for French Elections
Euro is Waiting for French Elections
The U.S. Dollar index
(DXY) is experiencing a slight decline of 0.3% to 105.46 points, while the
EURUSD pair has risen by 0.4% to 1.07340. This movement appears to be more of a
standard technical retreat rather than a response to the current macroeconomic
conditions.
The strong June PMI
readings from the United States should have bolstered the Greenback, but this
hasn't occurred. Instead, the EURUSD pair has reversed its earlier decline. The
Eurozone reported unexpectedly weaker PMI figures, initially pushing the EURUSD
down to the 1.06700-1.06900 range. However, the stronger U.S. PMI data send the
pair to the upside.
So, the pair could be waiting for Joe Biden and Donald Trump debate this
Thursday, or parliamentary elections in France on Sunday. Nevertheless, the
downtrend for the EURUSD has strengthened.
The support
at 1.06700-1.06900 could be too strong to be crashed on macroeconomic data
alone. So, the release of the final GDP estimate this Thursday and Federal
Reserve (Fed) favorite inflation gauge PCE index this Friday may not be enough
for the pair to dive deeper.
The upcoming debate
between Joe Biden and Donald Trump on Thursday might not have a significant
impact on the currency market. The elections in France on Sunday could be a
major event, especially if the far-right National Rally party led by Marine Le
Pen performs well. This outcome could potentially push the EURUSD below the
support level of 1.06700-1.06900, targeting 1.06000 and possibly further down
to 1.05000. Alternatively, if the support holds, the EURUSD might rebound above
1.07800, creating good selling opportunities.
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