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    EUR/USD: USD has dropped due to weak US macro-economic data. Fundamental analysis of 02.05.2016

    Last Friday the pair EUR/USD sharply went up reaching the highs of April at the level of 1.1460. Euro was supported during the European session by the data on economic growth and decline in unemployment rate in Eurozone. According to preliminary data GDP in Q1 rose by 0.6% against the forecast of 0.4% and the rise of 0.3% in the previous period.

    Unemployment rate in March fell by 0.1% (10.2% against the forecast of 10.3% and 10.4% in the previous month). Later, weak US data, released at the beginning of American session added upward momentum to the pair EUR/USD.

    It became known that price index of private consumption expenditure rose by 0.1% in March against the rise of 0.2% in February. Last Thursday preliminary US GDP data for Q1 on annual basis was released (0.5% against the forecast of 0.7% and 1.4% in the previous quarter). Weak macro-economic data led to the reduction of expectations of interest rate increase in the USA in June, which caused the decline in the USD last Friday. Demand for gold has grown, troy ounce of gold rose by 0.2% up to the level of 1299.00 USD, which was the highest level since January 2015.

    If ISM index of purchasing managers for April, which will be released today at 16.00 (GMT 2) turns out to be weak, the rise in the pair EUR/USD may continue. Breakout of the level of 1.1485 (highs of October 2015) may bring the pair back to the level of 1.1700.

    EUR/USD: USD has dropped due to weak US macro-economic data. Fundamental analysis of 02.05.2016

     

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