The Euro started the week pretty quietly. Overview for 29.05.2017

The main currency pair got stabilized after Friday’s statistics and is ready to resume its growth.

The EUR/USD pair is trading a little bit to the upside on Monday. Mainly, the instrument is trading close to 1.1183 and recovering after last Friday’s losses.

Today is going to be a calm day on the market. American markets are closed due to the Memorial Day; China has a state holiday as well. The macroeconomic calendar is empty on Monday and the only thing worth mentioning is the speech of the ECB Governor, Mario Draghi.

Last Friday, the USA published the revised GDP numbers over the first quarter of 2017. The revised reading showed +1.2% y/y instead of +0.7% y/y earlier. It’s still less than 2.1% y/y in the fourth quarter of 2016, but much better than expected.

The USA like to revise their statistics two or three times, and in case of the GDP, it usually results in improved numbers. At least, it happened in the last 12-16 months. This time, investors didn’t expect any good news from the GDP report, that’s why they responded to it as much as they could.

Additional support to the USD is provided by the news from Asia. The fact that north Korea launched the rocket, which flew really close to Japan, didn’t make market players happy.

RoboForex Analytical Department