The US dollar advanced overnight against most of its rival counterparts on the back of continued trade war fears and stronger-than-expected US data. On the data front yesterday US Markit Manufacturing PMI for June was upwardly revised to 55.4 from 54.6, while the official ISM figure printed a whopping 60.2 vs. the 58.4 expected. US equities also erased the previous session losses, surging higher after President Donald Trump said the US would be meeting with Europe soon to discuss trade. The S&P500 finished the session higher 2,726.71 +8.34 (+0.31%).
Looking ahead today in the US and we will see the release of ISM Manufacturing PMI, Construction Spending, and ISM NY Business Conditions Index all for the month of June. In the EU we will see the release of the Producer Price Index (PPI) and Retail Sales figures for May.
From a technical perspective, the US Dollar is currently stronger against the Japanese Yen 110.87 but trading slightly lower against the Pound Sterling 1.3137. After falling to an overnight low of 1.15998 the Euro settled around the 1.1600 level. EUR/USD is currently trading at 1.1636. We continue to expect the EUR/USD pair to hold on key support moves approaching 1.1590 while now any upward push will likely meet resistance around 1.1660.