Euro fails to surpass the 1.0900 level vs. the US Dollar.
Stocks in Europe navigate a “sea of red” on Wednesday.
EUR/USD appears capped by the 1.0900 region so far.
Germany, EMU final Services PMI eased in June.
US markets slowly return to normal activity.
The Euro (EUR) adds to the weekly bearish note following an unsuccesful effort to convincingly surpass the significant barrier at 1.0900 vs. the US Dollar (USD) earlier on Wednesday. A breakout of this key resistance area would restore the positive bias in EUR/USD and open the door for further gains in the short-term horizon.
Meanwhile, the US dollar fluctuates near the 103.00 level amidst favorable risk appetite trends despite the Chinese Services sector experiencing a significant decline in June compared to the previous month, propping up the idea that an strong economic recovery in the country still remains elusive.
In terms of monetary policy, there are no major updates, and investor expectations remain stable regarding an anticipated 0.25% interest rate hike from both the European Central Bank (ECB) and the Federal Reserve at their respective upcoming meetings later this month.
The central banks' efforts to combat inflation and normalize their monetary policies continue to be a subject of ongoing debate, as speculations about an economic slowdown on both sides of the Atlantic continue to grow.
Shifting focus to the euro area, the final figures reveal the HCOB Services PMI for Germany at 54.1 and for the broader euro zone at 52.0, both recorded in June. Additionally, Producer Prices for the euro bloc will be released later in the session.
In the United States, Factory Orders for May will be announced, followed by the IBD/TIPP Economic Optimism index, the FOMC Minutes, and a speech by NY Fed John Williams, a permanent voter known for centrist views
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