EUR/USD Fundamental analysis
The Euro market is in a narrow range against the liquidity backdrop. From the published macroeconomic statistics we can highlight only the orders volume in the German industry. The index went much worse forecasted medians at - 1.7% on a monthly basis, indicating a decrease in the capacity utilization. This in turn is a negative factor for the European region as Germany is the Eurozone locomotive.
The business activity index in the Germany construction sector in June fell to 15-month low which was due mainly to a fall in new orders. The ECB representative Noyer said that the ECB was ready to take all necessary measures to achieve the inflation level of 2%.
The most important event in the USA will be the last Fed meeting protocols publication on Wednesday.
The sales in the EUR/GBP cross-course support demand for GBP/USD not allowing the "bears" to take a technical correction to the short-term overbought background. After the British currency price drop to around of 1.7030 last week - the "bulls" are back on the market and are willing to open long positions.
The investors took profits in global equity markets after a sharp rise during the week. In this regard as well, we have seen the partial long positions closing on the USD/JPY, which led to a small correction after upside quotations growth for 3 days in a row.