6/2/2021 12:49:13 PM GMT
EUR/USD Current Price: 1.2188
The dollar strengthened throughout the first half of the day but is not yet bullish.
The macroeconomic calendar is scarce, with the sentiment leading the way.
EUR/USD could turn bearish on a break below the 1.2165 support.
The EUR/USD pair fell to a weekly low of 1.2163 amid resurgent demand for the American currency during London trading hours, now bouncing ahead of Wall Street’s opening. The market’s sentiment on the greenback is mixed, as investors are struggling between buying the dollar on the better US economic performance or sell it on speculation the Federal Reserve will soon start tapering its quantitative easing.
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The UK’s unemployment rate unexpectedly fell to 4.8% in the three months to March.
UK annual inflation is expected to have recovered to 1.4% YoY in April.
GBP/USD positive momentum set to continue in the near-term.
The GBP/USD pair surged to 1.4219 on the back of the persistent dollar’s weakness and better than expected UK data. The kingdom published the ILO unemployment rate for the three months to March, which contracted to 4.8% vs the steady 4.9% expected. Also, the Claimant Count Change fell by 15.1K in April, much better than the 25.6K increase expected. The pair´s positive momentum eased during the American afternoon, as Wall Street was unable to post substantial gains, instead closing mixed.