EUR/USD Current price: 1.0693 Eurozone HCOB Manufacturing PMIs were upwardly revised in April. Financial markets remain optimistic despite mixed US data. EUR/USD gains downward traction in the near term, support at 1.0645. The US Dollar is in recovery mode on Thursday after edging sharply lower on Wednesday following the United States Federal Reserve monetary policy announcement. The Fed kept rates on hold and was mostly hawkish, as anticipated.
Initial Jobless Claims declined to 208K in the week ending April 26, beating the 212K expected. Finally, Nonfarm Productivity in the first quarter of the year rose a modest 0.3%, while Unit Labor Cost in the same period was up 4.7%, higher than the 3.6% forecast. EUR/USD short-term technical outlook The USD remains on the back foot against most major rivals, with EUR/USD hovering around 1.0700 ahead of Wall Street’s opening.