The US dollar was bearish against most of its major pairs on Wednesday, with the exception of JPY.
On the financial data breach, the mortgage bank’s mortgage applications fell 3.9% for the week ending May 29, from + 2.7% the week before. Automatic data processing employment change rose to -2,760K in the month of May (-9,000K expected) from a revised -19.557K in April. Factory orders fell 13.0% in the month of April (13.4% expected) from a revised -11.0% in March. Orders for durable goods decreased by 17.7% compared to the month of the final reading in April (-17.2% expected) from -17.2% initial reading in April.
On Thursday, the April trade deficit is expected to rise to $ 49.2 billion a month from $ 44.4 billion in March. Initial unemployment claims for the week ending May 30 are expected to fall to 1,843K, from 2,123K in the previous week. Finally, the continuing requirements for the week ending May 23 are expected to be 20,050K from 21,052K in the previous week,
Euro was bullish against most of its large pairs with the exception of NZD. In Europe, the research firm Markit has published the final readings of the May Services PMI for the euro zone of 30.5 (against expected 28.7), for Germany at 32.6 (against expected 31.4), for France at 31.1 (against 29 , 4 expected) and for the UK. at 29.0 (against expected 28.0). The European Commission has published the unemployment rate for April of (versus 8.2% expected) and PPI to (against -4.2% compared to expected year). The German Federal Statistics Office reported that the unemployment rate for May was 6.3% (expected 6.2%).
The Australian dollar was bullish against most of its largest pairs with the exception of NZD and EUR.
Looking at the USD, the dollar index fell 0.37 per cent to 97.30, while the USD continued to fall. EUR / USD had the biggest step on Wednesday, winning 65 pips to 1.1235. Today’s range was 1.1167 – 1.1257. Looking at the pair, prices remain in a bullish trend channel after confirming the continuation patterns of a pair of classic triangles. As long as the price measure remains above 1.1185, support will continue the trend.
