EURUSD continues recovering while investors believe in the effect of the stimulus offered by the Fed.
On Thursday, EURUSD is keeping positive momentum. The current quote for the instrument is 1.0914.
The statistics published yesterday showed that the Durable Goods Orders in the USA added 1.2% m/m in February after expanding by 0.1% m/m the month before and against the expected reading of -1.0% m/m. The Core Durable Goods Orders lost 0.6% m/m over the same period of time after adding 0.8% m/m in the previous month and against market expectations of -0.4% m/m.
Later today, the USA is scheduled to report on the GDP in the fourth quarter of 2019, which may show 2.1% q/q.
However, today’s highlight is the statistics on the labor market to be published today. The USA is going to publish the Unemployment Claims, which is expected to increase dramatically. Last week, the indicator showed 281K given that it hasn’t been over 200-225K for the last few years. Today’s market expectations imply up to 1.65M.
If the actual reading is close to expectations, the USD may weaken significantly. It is clear that American businesses ware looking pretty well as long as consumers were active. However, as soon as consumer demand slowed down due to quarantine restrictions, the US labor market found itself overcrowded.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.