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The Euro rebounded from the low


29 September 2022

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. In the meantime, 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.

Two days of speeches delivered by the US Fed Chair Jerome Powell didn’t 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.

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