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[QUOTE="MikhailLF, post: 165510, member: 42242"] Morning Market Review 2019-06-07 08:44 (GMT+2) EUR/USD EUR showed strong growth against USD on Thursday, recovering from a corrective decline of the previous day. The reason for the emergence of the uptrend was another weakening of USD against the background of the publication of not the most optimistic macroeconomic statistics from the United States and the growth of trade tensions between the countries. On Wednesday, the ADP Nonfarm Employment Change reflected a sharp slowdown in job growth from 275K to 27K, which turned out to be drastically worse than forecasts (180K). Thursday's data indicated a decline in Nonfarm Productivity in Q1 2019 from 3.6% to 3.4%, with a forecast of 3.5%. Unit Labor Costs for the same period declined by 1.6% after the decline of 0.9% in the previous period. European statistics was more predictable, which provided moderate support for the euro. Euro area's GDP for Q1 2019 showed an increase of 0.4% QoQ and 1.2% YoY, which fully coincided with the forecasts. The ECB kept the interest rate at 0%, noting that its growth is possible not earlier than the first half of 2020. GBP/USD GBP is trading flat against USD, remaining close to local highs, updated on Thursday. Despite the publication of weak statistics from the US, the pound was not able to consolidate in the uptrend, being under pressure from uncertain prospects around Brexit. On Thursday, investors were focused on the speech of the Bank of England governor Mark Carney, who is currently on a visit to Japan. The speech of the head of the regulator did not render any long-term support to the instrument, since it was largely devoted to the problems of investment funds. At the end of the week, investors expect the publication of Halifax UK House Price Index, as well as the release of an updated consumer inflation forecast. The May report on the US labor market will be more interesting. AUD/USD AUD showed a slight increase against USD on Thursday, weakening the downward corrective impulse formed the day before. During the Asian session, the instrument is again prone to decline, yet investors prefer to wait for the appearance of new drivers in the market. Friday's statistics from Australia was rather weak. AiG Construction Index went down from 42.6 to 40.4 points in May. Home Loans in April decreased by 1.2% after a decline of 2.5% in March. Analysts expected a decline of only 0.2%. Investment Lending for Homes in April showed a decrease of 2.2% after a decline of 2.7% in March. USD/JPY USD showed ambiguous dynamics against JPY, ending yesterday’s trading session with a slight decrease. Pressure on USD was exerted by weak macroeconomic data from the United States published on Thursday. In addition, investors are cautiously waiting for the release of the May report on the US labor market, because according to the previously published ADP report, the real state of the market may be significantly worse than expectations. In turn, the yen continues to receive moderate support from the risks of developing US trade conflicts with China and Mexico and a possible interest rate cut by the Fed in the foreseeable future. The process of negotiations between the US and Mexico has not yet brought visible success, but the market as a whole is quite optimistic and expects that on June 10, import duties on Mexican goods will not be introduced. Oil Oil prices rose significantly on Thursday, departing from local lows of January 29, updated the day before. The growth of the instrument was largely technical in nature, whereas the former negative factors are still very strong. In particular, the market fears further decline in global demand amid a slowing global economy. A previously published report from the US Department of Energy also put strong pressure on quotes, reflecting an increase in oil production rates and indicating a sharp increase in inventories. On Friday, investors are focused on the May report on the US labor market. In addition, investors are waiting for Baker Hughes US Oil Rig Count. [/QUOTE]
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