EUR/usd
The exchanges, especially the Japanese Nikkei, have slightly moved off yesterday's lows, recovering from the heavy selling. Once again it supported such EU currencies as the euro and pound. Yesterday right after the release of the US statistics eurusd rose to 1.2950, now it is trading a bit above 1.29. Our scenario of a grand downward reversal of the markets hasn't developed yet, but it is obvious that there aren't anything that would arouse growth. The fears, connected with the release of the EU preliminary PMI, haven't realized as most of the published indices proved to be better than expected. The stats speak about a smaller shrinking in this sector than was supposed by the markets. Anyway, the activity is still getting poorer and there's nothing you can do about it. The same can be said about the region's services sector , which has been in recession for over a year already (since February 2012). And yet major index futures has been negative since the beginning of the trading day and the single currency is fluctuating below the 200-day MA. Yesterday's data on unemployment claims were quite favourable: the number of continuing claims has decreased by 3 millions and this is the lowest level since March 2008. In the real estate market low interest rates told not only on the growth of home sales, but on their price as well. The median price of a new home in the USA in April made 271.6K. It is almost 15% over a year and a third above the lows seen during the crisis. The talks about curtailment of the stimulus may prove to be groundless as was thought before.
GBP/USD
The fresh GDP statistics didn't bring any disappointment to the sterling. However, traders still find the sterling less attractive than the euro. Since yesterday the sterling has been flirting with 1.51, but it can be just a consolidation after the drop. The news worth considering today is the BBA Mortgage Approvals. Do the British reduce the debt burden or just like Americans hurry to make use of low interest rates? The former is more likely to be true than the latter here.
AUD/USD
The Australian dollar had managed to get over the disappointment with China's manufacturing statistics by the end of the day. Moreover, purchases in the area of the global support contributed to growth of audusd, so the day was closed out positive. However, the aussie has still got a lot of sellers, that's why the pair is trading below 0.97 today, remaining oversold.
USD/CAD
The growing energy independence and effective use of raw materials by the United States comes at a high cost for Canada. It is clearly seen in the growth of the trade balance over the previous months, but also shows itself in weakness of the Canadian currency. usdcad has been in the uptrend for three weeks in a row. Roughly over the same time we have been getting messages about growth of oil inventories. The same dependence allows to foretell trends in the pair basing on the inventory statistics.
