Statements from the representatives of the European Central Bank has a positive impact on the European currency as it significantly increased against the US dollar that was gradually reaching its weekly and monthly highs.
Yesterday, the ECB representative Jens Weidmann said that the price pressure will grow in time as the labor market improves and dovish monetary policy is justified in terms of supporting the economy.
The representative of the ECB also expressed his view on the economic recovery which is becoming stronger and this opens an opportunity for the normalization of policy.
Yesterday's data that came out by the end of the North American session indicates increase in activity that slightly boosted the US dollar.
According to the report of the Institute of Supply Management, the US non-manufacturing purchasing managers index (PMI) was 57.4 points in June against 56.9 points in May this year.
Today, the market's attention will be drawn to the US non-agricultural sector employment data which is a significant data.
During today's Asian session, the representative of the Federal Reserve Stanley Fischer has expressed concern about the uncertainty of the government policy which has grown substantially in the the recent years. According to Fischer, the reduction of this uncertainty will help the economy of the country in the medium term to return to the planned growth. He also emphasized that one should not be reckless when it comes to the next increase of the U.S. national debt ceiling.
