Euro higher ahead of EU CPIs

01/06/2021

The EURUSD pair continued in its uptrend and was trading slightly higher during the London session on Tuesday, settling above the 1.22 level.

Later in the day, the European inflation data are due, with the yearly CPI expected to accelerate to 1.9% from 1.6%, while the core gauge should rise to 0.9% to 0.7%. Both numbers are well below the US ones, implying further upside pressure in the EURUSD pair.

Some focus will also be paid to the Canadian GDP data, with the USDCAD pair expected to move after the data. 

Additionally, the US ISM manufacturing for May will be released, forecast to stay at 61.5. The prices paid subindex is expected to decline slightly. 

Banks were closed yesterday due to US Memorial day, so there was no liquidity. Today, the situation is different, and indices futures are sharply higher, continuing in their preferred trend. 

From other news, WTI oil hit fresh two and a half year highs above the 68 USD, suggesting the long-term uptrend is nowhere to be over. 

Gold and silver rose strongly as well, with gold rising to five-month highs, while silver jumped above 28 USD.
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