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June 14, 2023EUR/USD rallies 70 pips (0.65%) deep into the session, trading at 1.0862.
United States FOMC Economic Projections is next today at 18:00 UTC.
Uptick comes while some more positive signs for Euro-Dollar are out as Producer Price Index in United States fell short of market expectations (-0.1%) with a reading of -0.3%, continuing the decline from the previous figure of 0.2%.
On the flip side, data for United States Crude Oil Inventories published today at 14:30 UTC came out at 7.92 million, beating projections of 1.48 million and showing improvement over the preceding figure of -451,000.
Meanwhile, Germany ZEW Economic Sentiment Index released yesterday at 09:00 UTC with a figure of -8.5, while the previous figure was -10.7.
Other currencies are also rising as NZD/USD soars 1.32% to trade around 0.6232.
While Euro-Dollar is up today, these currencies are lagging behind: after ending yesterday's session at 0.9046, USD/CHF lost 76 pips and is trading around 0.8969. GBP/NZD dips 0.64% to trade around 2.0372.
Furthermore, the market is looking at Euro Zone Deposit Facility Rate (Jun) will be released tomorrow at 12:15 UTC. Euro Zone Interest Rate figure is projected at four. It previously stood at 3.75; data will be released tomorrow at 12:15 UTC. Euro Zone ECB President Lagarde speech is expected tomorrow at 14:15 UTC.
Trading mostly sideways for a month. Having set a peak of 1.1073 around a month ago, Euro-Dollar is now trading 2.54% below this level.
