The major currency pair moved away from the local bottom. The current quote for the instrument is 0.9800.
The “greenback” dropped yesterday due to the decline in the US bond yield. Another thing that put pressure on the American currency was the strengthening of the offshore exchange rate of Chinese yuan. It looks rather unusual, but that’s a new global tendency.
The statistics published yesterday confirmed that the Q2 US GDP lost 0.6% q/q. A pleasant surprise was the weekly report on the Unemployment Claims, which showed 193K against the expected reading of 215K.
Later today, the US is scheduled to release an important report, Core PCE Price Index. The US Fed pays special attention to it when estimating inflation. The indicator is expected to gain 0.5% m/m in August after expanding by 0.1% m/m in July. A high reading might confirm expectations of a rate hike up to 4% by the end of 2022. Other reports worth paying attention to are Personal Spending/Income.
In case there are no external stresses, the Euro might try to continue recovering.
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