The US Dollar maintained its sentiment-inspired momentum throughout the first half of the day, resulting in EUR/USD falling to 1.0787, its lowest in two weeks.
EUR/USD Current price: 1.0824 The dismal market mood extended during Asian trading hours, underpinning the US Dollar. The United States downwardly revised its annualized growth to 1.3% in the first quarter. EUR/USD bounced from sub-1.0800, bullish potential limited in the near term. As the market mood improved, the pair recovered above the 1.0800 threshold, but remains depressed at around 1.0820.
At the same time, Initial Jobless Claims for the week ended May 24 increased to 219K, worse than the 218K expected. Finally, the preliminary estimate of April Wholesale Inventories increased by 0.2%, worse than the 0.1% decline anticipated. April Pending Home Sales and a couple of Fed officials will stand out in the American afternoon. EUR/USD short-term technical outlook The daily chart for the EUR/USD pair shows it trades in the green, although at the lower end of its Wednesday range.
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