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The euro/dollar closed up on Wednesday. Trades were volatile due to US stats. The pair restored to 1.1087 and then again fell under pressure due to ISM data for the service sector. The ISM’s index showed a June rise from 52.9 to 56.5 (forecasted: 53.3).The euro bulls managed to restore their losses quickly as everyone was waiting for the release of the Fed minutes. The regulator is ready to raise rates, although members of the FOMC believe that more economic data is needed to take such a decision. Since they were worried by the last labour market report, the June report will attract a lot of trader interest: more than in May. By the end of the day the euro/dollar rose to 1.1111.Market Expectations:In Asia on Thursday, the euro/dollar corrected to 1.1074. It was a typical technical correction. By now the euro is being quoted at Asia’s opening price. The euro’s important event of the day is the US private sector labour market data from ADP and the initial unemployment benefit applications made there. Taking yesterday’s ricochet from 1.1029 and the close of the day at 1.11 into account, today I expect to see a continuation of the rally to 1.1140/50.
