Events to pay attention today:
12:00 EET. EUR - Foreign trade balance
17:00 EET. USD - University of Michigan Consumer Sentiment Index
EURUSD:
EUR/USD interrupted its four-day winning streak, retreating from 1.1631, its highest level since October 2021, and is currently trading around 1.1530 in Asian hours on Friday. The pair is depreciating as the US dollar (USD) gains support as traders shift to increased demand for safe-haven assets due to rising tensions in the Middle East.
Israel has attacked dozens of targets across Iran to eliminate its nuclear programme. Israeli Defence Minister Israel Katz said Israel could face a missile and drone strike after Israel's pre-emptive strike on Iran. Katz declared a special state of emergency in the country, Axios reports.
In addition, White House Secretary of State Marco Rubio issued a statement: ‘Tonight, Israel took unilateral action against Iran. We are not participating in strikes against Iran, and our top priority is to protect American troops in the region.’ ‘President Trump and the administration have taken all necessary measures to protect our troops and are in close contact with our regional partners.’ ‘Let me be clear: Iran should not target US interests or personnel,’ Rubio added.
However, the decline in the EUR/USD pair may be limited, as the US dollar (USD) may face difficulties after US President Donald Trump's new threat to extend steel tariffs from 23 June to imported ‘steel-derived products’ such as household appliances, e.g. dishwashers, washing machines, refrigerators, etc. The tariffs were initially introduced in March at 25% and then doubled to 50% for most countries. This is the second time that the scope of the duties has been expanded.
Trading recommendation: SELL 1.1530, SL 1.1550, TP 1.1440
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