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Currency Analyst since 2010

July 2: European session

EUR/USD slid to $1.3655. According to the data released today, producer prices in the euro area contracted in May by 0.1%, while the number of unemployed people in Spain increased more than expected.

Great Britain released another bunch of GBP-positive data today. UK June construction PMI jumped from 60.0 to 62.6 in June (forecast: 59.7). This is the highest level since April 2014. What’s more, UK nationwide HPI added 1.0% in June (forecast: 0.6%). As a result, GBP/USD rose to fresh 6-year highs, facing resistance at $1.7175. EUR/GBP dropped to 0.7950 before retracing some pips higher.

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