EUR/USD strengthened on Wednesday (04/06), edging up more than 0.42% as the greenback erased Tuesday's gains following the release of weaker-than-expected economic data from the United States (US). This, coupled with uncertainty fueled by the trade war, pushed the pair past the 1.1400 mark after hitting a daily low of 1.1356.
On Tuesday night, US President Donald Trump signed an executive order doubling steel and aluminum tariffs from 25% to 50%, effective June 4, for most countries, except the UK, which remains at 25%. Meanwhile, traders are gearing up for Trump's phone call with Chinese President Xi Jinping later this week, according to the White House.
US data revealed that business activity in the services sector slowed, according to the Institute for Supply Management (ISM). Earlier, ADP reported that private employers hired fewer people than projected in May, which disappointed investors and could be a precursor to a weak Nonfarm Payrolls report on Friday.
In the Eurozone, the HCOB Services Index and the Composite Purchasing Managers' Index (PMI) showed mixed results, with some measures improving while the majority remained in contraction territory. This, along with Tuesday's inflation report in the bloc, could justify the European Central Bank (ECB) cutting interest rates by 25 basis points (bps) at its June 5 meeting.
The EU economic docket will feature inflation figures on the producer side, along with the ECB decision and President Christine Lagarde's press conference. Across the pond, the US docket will feature Initial Jobless Claims for last week and speeches by Federal Reserve (Fed) officials. (alg)
Source: FXstreet
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