EUR/USD Treads Water Ahead of Fed Minutes and Economic Data Later This Week
• EUR/USD traded sideways on Monday with low volumes due to US market holiday. Attention turns to Fed minutes and EU/US PMIs later this week.
• Investors looking for signs from Fed minutes on Wednesday that rate cuts are nearing as markets price in 75% chance of June cut.
• European Consumer Confidence data on Wednesday expected to recover slightly but remain in negative territory.
• Busy Thursday with release of Eurozone and US PMIs - Eurozone composite PMI forecast to improve but still show contraction.
• Technicals show EUR/USD stuck below 1.0800 level and 200-hour SMA, unable to gain momentum after hitting fresh 13-week lows.