Forex Market Analysis
US Dollar Index stands still after the Tuesday’s rally. United States released final Q1 GDP today – the reading as revised to the upside, but confirmed contraction (-0.2% vs. -0.7% prior). Markets await May consumption sector data on Thursday – forecasts are infusing with hope. You should also watch weekly jobless claims and Fed’s Powell and Tarullo members’ speeches tomorrow. We expect the dollar buying to resume.
EUR/USD growth attempts were capped by the 1.1230 mark o Wednesday. Renewed Grexit fears pulled the pair the 1.1200 mark. EU Economic Summit will take place in Brussels tomorrow. There still is a chance to reach a deal before the June 30 IMF payment deadline.
We expect EUR/USD to slide towards the 1.1050 support in the current uncertain environment. On the weekly chart the pair is forming a “bearish engulfing”. Medium-term downtrend seems to be resuming these days. Resistance lies at 1.1230 and 1.1400.
GBP/USD paused at the 1.5700 mark following a two-day selloff. Pound was supported by the mortgage approvals figures. However, we expect the decline to resume soon. Bearish target lies at 1.5550. We remain bearish below 1.5900.
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