Forex Today: Dollar breaks lower and remains under pressure – by MSalordFX DollarIndex UnitedStates Employment EURUSD
for May, which is expected to rise 0.3% from a year ago; the Producer Price Index is expected to deepen into negative territory at -4.3%. These numbers would be watched closely amid increasing pressure on Chinese officials for some stimulus and rate cuts.
Euro area GDP was revised down from 0.1% QoQ to -0.1%. The number did not alter European Central Bank expectations for next week.posted the highest daily close in almost a month around 1.0780, and above the 20-day Simple Moving Average. The pair gained more than 80 pips.This revision is attributable to the revision of German 1Q23 GDP, down from 0% qoq to -0.3% qoq, and of Irish GDP, down from -2.7% qoq to -4.6% qoq.
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