BTMU: EUR/USD should decline this week due to positive US stats and uneventful ECB meeting

In a note published this morning, BTMU announces that it is adopting a bearish EUR/USD bias for this week:

"The main US economic reports this week will focus on the employment market in May and household spending. Higher spending is expected for April, and employment growth is expected to remain strong enough to justify an increase in the Fed's rates in the coming months. Janet Yellen is also on the agenda, but it is not guaranteed that she will provide clues about monetary policy.

In Europe, it is the ECB meeting that will be the major event. We do not expect the meeting to have a significant impact on the euro.

Ultimately, we still expect to have a bearish bias on the EUR/USD for the week of 30 May 2016, with a range from 1.1050 to 1.14."