The major currency pair found support; it is consolidating after a pretty volatile trading session last night.
On Tuesday afternoon, EURUSD is trying to start a new growth, but not too successfully so far. The current quote for the instrument is 1.1235.
Trade wars between the USA and China escalated. Yesterday, China announced similar import tariffs on American goods in response to what the USA did earlier. It means that global tare risks are significantly increasing.
Today’s macroeconomic calendar is going to be rich. In the morning, Germany published the final report on the Consumer Price Index for April. The indicator remained at 1.0% m/m, which is quite good. In the afternoon, the Euro Area is scheduled to report on the Industrial Production in March, which is expected to lose 0.3% m/m after reducing by 0.2% m/m in the previous month. Decline of such important indicator is not the best signal the Euro Area and its currency can get, because it means that the number of new orders is slowing decreasing. This, in its turn, says that businesses are getting less active.
Moreover, Germany and the Euro Area will report on the ZEW Economic Sentiment for May. In both cases, the indicator may improve, but it’s too early to make any conclusions, because it may be just a rebound.
In the evening, the USA will report on the NFIB Small Business Index for April, which is expected to grow. If it happens, it will be a good signal for the USD.