EURUSD continues falling. Overview for 28.05.2021

EURUSD is moving downwards; the statistics help the “greenback” to recover.

The major currency pair continues falling on Friday morning. The current quote for the instrument is 1.2176.

The statistics on the labor market published yesterday supported the American currency pretty much. The weekly report on the Unemployment Claims showed 406K after being 444K the week before and against the expected reading of 427K.

The second estimate of the US GDP in the first quarter of 2021 showed no changes relative to the first estimate as it remained at 6.4% q/q, although it was expected to show 6.5% q/q. The report is rather neutral and investors paid no attention. 

The Durable Goods Orders dropped 1.3% m/m in April after adding 0.8% m/m in the previous month and against the same expected reading. The Core Durable Goods Orders expanded by 1.0% m/m after adding 1.9% m/m over the same period of time. The latter indicator is extremely volatile, that’s why any significant changes in it are not considered critical. 

The United States Secretary of the Treasury Janette Yellen believes that annual inflation in the USA will be quite high until the end of the year. She thinks that the recent surge in inflation was temporary but not systematic and expects the indicator to grow slowly for the next couple of months.  

We remind you that inflation was 4.2% in April the highest reading since 2008.