Here is the scoop for the Forex weekly outlook for this week.
Source: www.investing.com
Investing.com - The euro fell to three month lows against the broadly stronger dollar on Friday after data showing that German business sentiment deteriorated in May added to expectations for easing by the European Central Bank at its upcoming June meeting.Euro falls to 3-month lows against dollarEUR/USD hit lows of 1.3616, the weakest since February 13 and settled at 1.3630, 0.18% lower for the day. For the week, the pair lost 0.60%.
The pair was likely to find support at 1.3560 and resistance at 1.3660.
The drop in the euro came after a report showed that the German Ifo business climate index declined to 110.4 in May; the lowest reading this year, from 111.2 in April, indicating that economic activity could slow in coming months.
The data came one day after a report showing that manufacturing activity in the euro zone expanded at the slowest rate in six months in May.
Recent comments by senior ECB officials have signaled that the bank is open to acting as soon as June to stop inflation in the currency bloc from falling too low.
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