Danske Research adopts a negative bias on EUR/USD on upcoming data EUR/USD releases this weel.

:'EUR/USD edged higher towards the end of last week, driven largely by optimism that US and Iran are nearing a preliminary agreement and consequently lower oil prices. FOMC participants sent mixed signals on the policy outlook on Friday, as Schmid (non-voter, hawk) argued the Fed 'may need to weigh how to make monetary policy more restrictive' while Bowman (voter, dove) cautioned that 'reacting to temporary energy shock could weigh down the economy' whilst defending the April easing bias," Danske notes.

'The upcoming week will bring plenty of key data input for the June rate decisions, with US May ISM Manufacturing index due for release already today - the Fed's regional manufacturing indices are signalling potential for a modest uptick. Later, we forecast Euro Area May HICP at 3.1% y/y on Tuesday (below consensus) and US May NFP at +110k on Friday (above consensus). As such, we think macro releases could well push EUR/USD lower even if energy prices continue declining," Danske adds.