EUR/USD posts losses for the third straight day on Thursday as the currency pair hits a slump. a hollow at 1.0833 before the start of the European session.
Recall that the Euro Dollar suffered yesterday morning from downward revisions for the European PMIs for the month of June, with in particular the global composite index of the Euro Zone which fell ;established at; 49.9 points against 50.3 anticipated and 52.8 previously.
In the evening, the currency pair was then lowered. affected by the Fed Minutes, which featured hawkish elements, bolstering expectations for further Fed rate hikes.
Indeed, the Investing.com Fed Rate Barometer now shows a probability of by more than 90% that the Fed will raise its rates by 0.25% on July 26, and by more than a third that this rate hike will be followed by another before the end of the year 2023.
In this context, the note strengthened, sending EUR/USD down mechanically.
In terms of important events for EUR/USD on Thursday, forex traders will be watching Eurozone retail sales from below. 11 a.m., before the ADP (EPA:ADP) report on private employment to 2:15 p.m., then the US services ISM at 4 p.m.
>> Find the results of all the important statistics for EUR/USD in real time on the Investing.com economic calendar!Technical thresholds at; watch on EUR/USD
Finally, from a graphical point of view, we note that the EUR/USD is close to the 100-day moving average (1.0824) which could offer support.
If this threshold yields, 1.08, 1.07 and the end of May trough at ; 1.0635 will be the next potential supports. On the upside, 1.09 is the first potential hurdle, before 1.10-1.1012, then the yearly high of 1.1095, and the threshold of 1.11.
EUR/USD weakens following Fed Minutes, bearing on the report ADP this Thursday