The Euro rebounded from the low. Overview for 29.09.2022

A decline in the euro to 0.9646 in the first half of the day triggered a false breakout and a buy signal. As a result, the pair' rose by 60 pips. After reaching 0.9695, bears tried to take control of this level, which led to a sell signal. It was After updating its multi-year lows again, the major currency pair rebounded. The current quote for the instrument is 0.9656.

Last night, the local interest in risks improved a bit, helping the asset to successfully correct. Investor continue paying much attention to the news but none to the statistics.

For the time being, the US Goods Trade Balance showed -$87.3 billion in August. The export was $179.8 billion (-$1.7 billion), while the import was $267.1 billion (-$4.6 billion). The Wholesale Inventories added 1.3% m/m, which is better than expected, 0.7% m/m.

After Two days of speeches delivered by the US Fed Chair Jerome Powell didnt offer anything new. However, it was expected this way – everything important that had to be announced was said the week before.

Thursday is going to be an interesting day. The US is scheduled to release the final Q2 GDP report, which is expected to decline by 0.6% q/q, the same as the preliminary estimate. Still, there might be surprise, both pleasant and unpleasant. If the report turns out to be good, the “greenback” might get significant support.