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The recent statements of Fed Chairman Jerome Powell did not only bring euro and pound down, but also made investors think a little bit and reconsider their attitude to everything that is going on. As such, the market ignored the macroeconomic data yesterday even though the third estimate for eurozone GDP turned out to be worse than the previous one, showing a slowdown of economic growth from 2.4% to 1.8%, thus hinting again at a possible recession in the region. US employment also rose by 242,000, indicating a further improvement in the US labor market. Both factors should have prompted an increase in dollar, but the market simply stood still.
Most likely, a similar situation will be seen today, especially if weekly jobless claims in the US turned out to be as expected. Forecasts have said that initial claims will grow by 2,000, while repeated ones will decrease by 5,000. This will keep dollar overbought, which may provoke a strong decline.
EUR/USD halted around 1.0520 after showing a sharp decrease early this week. This scenario can be considered as a phase of regrouping of trading forces, which could eventually lead to an outgoing momentum.
The situation in GBP/USD is the same, but in its case, the quote is at 1.1800. And since the pair is technically oversold, a rebound is likely to occur soon.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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