EUR/USD

The EUR/USD pair shows a moderate decline, developing a weak "bearish" momentum formed the day before. The instrument is testing 1.0740 for a breakdown, while investors are expecting new drivers for the movement of quotes. Trading participants today assess the March statistics on Industrial Production in Germany: the figure on a monthly basis lost 0.4% after growing by 1.7% in the previous month, while analysts expected -0.6%, and in annual terms the rate of decline slowed down from -5.3% to -3.3%. In addition, data released to the market yesterday showed a decline in Factory Orders of 0.4% month-on-month and 1.9% year-on-year after -0.8% and -8.8%, respectively. The indicator fell for the second month in a row, confirming a slower economic recovery in Germany than expected. At the same time, Export volumes in March added 0.9% after -1.6% in the previous month with a forecast of 0.4%, and Imports slowed down sharply from 3.0% to 0.3% with expectations of -1.0%, bringing the trade surplus to 22.3 billion euros. The single currency was provided with some support by statistics on Retail Sales in the eurozone: in March, the indicator increased by 0.8% month-on-month and 0.7% year-on-year, which turned out to be significantly better than the previous indicator values of -0.3% and -0.5%, respectively.

GBP/USD

The GBP/USD pair is testing 1.2480 for a breakdown, developing the "bearish" impetus formed the day before, in the absence of support from macroeconomic statistics from the US and UK. The local driver of the pound's upward dynamics was the S&P Global/CIPS Construction PMI, which in April showed an increase from 50.2 points to 53.0 points against the forecast of 50.4 points. In turn, the Halifax House Price Index added 0.1% after -0.9% in the previous month, while analysts expected 0.2%. Meanwhile, American statistics turned out to be predominantly negative. The IBD/TIPP Economic Optimism index dropped from 43.2 points to 41.8 points in May, while experts expected 44.1 points, and the dynamics of Consumer Credit Change slowed down in March from 14.12 billion dollars to 6.27 billion dollars against expectations of 15.0 billion dollars. Today, the market's focus is on the speeches of representatives of the US Federal Reserve, including Philip Jefferson, Susan Collins and Lisa Cook. The Bank of England will hold a meeting in the UK on Thursday: at the moment, analysts are confident that the regulator will keep the monetary policy parameters unchanged, and the interest rate will be fixed at 5.25%.

AUD/USD

The AUD/USD pair shows a noticeable decline, continuing the development of the "bearish" corrective trend, which began to form the day before, when quotes managed to retreat from local highs. The instrument is testing 0.6575 for a breakdown, while investors continue to evaluate the macroeconomic statistics coming to the market. The American currency was pressured yesterday by data on the Economic Optimism index from IBD/TIPP: in May, the indicator dropped from 43.2 points to 41.8 points, while analysts expected 44.1 points. Consumer Credit Change in March decreased noticeably from 14.12 billion dollars to 6.27 billion dollars, against the forecast of 15.0 billion dollars. In addition, the focus of investors' attention is the meeting of the Reserve Bank of Australia (RBA), which took place the day before. The key interest rate was kept at 4.35%, and in the follow-up statement, officials again noted the insufficient rate of decline in inflationary pressure due to rising prices for services, so at the moment the regulator does not rule out any steps to adjust monetary policy. April TD Securities Inflation data released earlier this week showed a slowdown in the annual rate from 3.8% to 3.7%, while on a monthly basis it stood at 0.1%.

USD/JPY

The USD/JPY pair is showing noticeable growth, continuing the "bullish" trend formed at the beginning of this week. The instrument is testing the level of 155.20 for a breakout, while trading at the end of last week ended near the level of 153.00. It is believed that the yen's upward movement last week was due to the intervention of the Bank of Japan, although there has been no official confirmation of this so far. Meanwhile, markets evaluate macroeconomic statistics. The day before, the yen was put under some pressure by the data on Manufacturing PMI from Jibun Bank: in April, the indicator dropped from 54.6 points to 54.3 points with neutral forecasts. American data disappointed investors with a decrease in the Economic Optimism Index from IBD/TIPP in May from 43.2 points to 41.8 points, while the market expected an increase to 44.1 points, and the Consumer Credit Change in March decreased from 14.12 billion dollars to 6.27 billion dollars with preliminary estimates of 15.0 billion dollars. On Thursday, March data on Leading Economic Index and Coincident Index will be published, as well as the Bank of Japan Summary of Opinions.

XAU/USD

The XAU/USD pair is showing weak growth, correcting after a slight decline the day before and holding near 2320.00. Market activity remains subdued as few macroeconomic statistics are released to the market. The day before, investors reacted negatively to a noticeable decline in the American Economic Optimism Index from IBD/TIPP in May from 43.2 points to 41.8 points, with a forecast of 44.1 points. Consumer Credit Change in March slowed down from 14.12 billion dollars to 6.27 billion dollars, while analysts had expected 15.0 billion dollars. Today, investors will focus on the speeches of representatives of the US Federal Reserve, including Philip Jefferson, Susan Collins, and Lisa Cook. However, comments from officials are unlikely to significantly change market sentiment regarding the future monetary policy of the US Federal Reserve: analysts now do not expect a reduction in borrowing costs until the fall, which, against the background of the expected adjustment of interest rates by the European Central Bank (ECB) and The Bank of England, will provide significant support to the dollar.