Today at 13:30 London time, there are data on inflation, which is one of the main indicators on the basis of which the Federal Reserve makes a decision on the refinancing rate. So this event will have a strong impact on the market.
It is expected that in June it will be 1.8%, while preliminary data showed 1.6%. However, in May, it was 1.9%, so this is still a slowdown. Moreover, even if the forecasts are justified, this will mean that inflation has been slowing for the fourth consecutive month. And this seriously reduces the likelihood of another increase in the refinancing rate this year. Equally important, recent data on producer prices suggest that inflation data may be worse than forecasts.
Even if the forecasts are confirmed, the single European currency may rise to 1.1820. If the worst expectations are met, then the euro has all chances to rise to 1.1865.