After falling pretty much yesterday, EUR/USD is consolidating on Thursday.
The major currency pair is having a really volatile time; it was plunging yesterday but managed to reach stability and is currently looking quite neutral. The current quote for the instrument is 1.2187.
There were no important statistics yesterday but the USD recovered thanks to the US 10-year bond yield and the neutral tone on financial markets.
Today, market players will focus their attention on the USA: in the evening, the country is scheduled to publish the second estimate of its GDP. Revised market expectations imply that the indicator might show 6.5% q/q against the first estimate of 6.4% q/q. the stronger the number, the better for the “greenback”.
Also, there will be April reports on the Durable Goods Orders and the Core Durable Goods Orders, which are both expected to show 0.8% m/m after being 0.8% m/m and 1.9% m/m respectively in March.
Moreover, the USA is planning to report on the Pending Home Sales in April but investors aren’t likely to pay much attention to it.
The USD remains highly volatile and extremely sensitive to external influence, that’s why these “mood swings” may continue.