The US macroeconomic statistics failed to meet expectations on Friday, so the greenback is losing ground today. Consequently, the most traded currency pair is heading towards the upside. The EUR/USD pair is trading at the level of 1.0970. Forex analysts expect the single currency to reach the 1.10 threshold. However, it is difficult to say whether the euro will be able to sustain gains as market participants are ready to absorb some key economic reports this week. Tomorrow Germany will reveal the ZEW economic sentiment index for May. Economists expect the index to increase to 22 points versus the previous reading of 19.5 points. Furthermore, the report on the Eurozone's GDP growth rate for the first quarter will be published tomorrow.
On Wednesday, the Eurozone will deliver final estimate of the inflation rate for May. Experts anticipate that consumer prices grew by 1.9% in line with the preliminary data. However, the ECB policymakers expect that the inflation figures will be weak. The European Central Bank aims to maintain the stability of the inflation rate at the level of 2%. The bank's governor Mario Draghi said that the region's economy is not ready to withstand any changes to the monetary policy and it's premature to taper the assets purchases. Traders were on the lookout for the recent comments from the ECB official Peter Praet in hope to learn some fresh macroeconomic forecasts. However, these comments will likely cast minor impact on the EUR/USD pair.