Germany published the preliminary estimate of May inflation figures, which were better than anticipated. The Consumer Price Index was up 2.5% YoY and 0.5% MoM. The EU published M3 Money Supply that contracted to 9.2% YoY in April, missing the market’s expectations. On Tuesday, Markit will publish the final readings of its May’s Manufacturing PMIs, while the EU will release the preliminary estimate of May inflation figures. The US will also publish the May ISM Manufacturing PMI, foreseen unchanged from the previous month at 60.7.

The EUR/USD pair trades near the daily high heading into the Asian opening, with the risk skewed to the upside. The 4-hour chart shows that it managed to advance above its 20 SMA, which lacks directional strength. However, the longer moving averages maintain their bullish slopes below it. Technical indicators lack directional strength, consolidating within positive levels. Further gains will likely extend towards the 1.2350 price zone, as the pair topped this year at 1.2349.

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