The pound and the euro had a hard time yesterday due to extremely weak statistics from the eurozone. On one hand, as expected, the indices of business activity in Europe rose and fully coincided with preliminary estimates. So, the index of business activity in the service sector increased from 55.0 to 56.2 and the composite index grew from 56.0 to 57.5. However, data on retail sales came out showing that growth rates fell from 4.0% to 0.4%. In turn, the index of business activity in the service sector of the UK declined from 55.6 to 53.8.
Judging by the forecasts for the data coming out today, it is now the turn of the dollar to take their positions. It is expected that the ADP report on the number of open vacancies will show 185 thousand. However last month, there were 235 thousand. This is not the most joyous news on the eve of Friday's data on the labor market.
By the end of the day, the EUR/USD pair will rise to 1.1875.
