FOREX: Euro to Polish Zloty (EUR-PLN) exchange rate like a boomerang. The main currency pair (EUR-USD) plunged

EUR-USD defends 1.035
Yesterday, the rate of the main pair dived and fell below 1.04. The close to 1.035 support, combined with slightly disappointing US data (lower than expected US spending in June, falling Chicago PMI) were enough to mobilize buyers and a slight rebound to around 1.048 at the end of the day. Today the focus will be on the June consumer inflation data in the euro zone (+25 bp or +50 bp on ECB rates in July?) And the June manufacturing PMI indices from the euro zone and the US (although these are secondary data, last week were shown preliminary readings).

Michael Cooper

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