On Thursday morning, the major currency pair reached stability after a pretty volatile evening the day before.
EURUSD is trying to calm down after having a volatile evening on Wednesday. The current quote for the instrument is 1.1228.
Yesterday, the major pair reached 1.1307 while the USD remained under pressure due to speculations relating to a possible rate cut by the US Federal Reserve. However, numbers from the ISM published in the evening helped the American currency recover a bit. In addition to that, the Euro investors quickly adjusted their trading positions in anticipation of the June meeting of the European Central Bank.
In the afternoon, the Euro Area will release the GDP report for the second quarter 2019. Market expectations are +0.4% q/q, the same as in the previous quarter. If the actual reading matches the expected one, the Euro will be quite neutral to them.
However, market players are focused on the oncoming meeting of the European regulator. In the afternoon, the ECB will announce its rate decision and the Monetary Policy Statement. Most likely, the rate will remain at 0.0%, but the regulator may provide more details on the additional stimulus program. After that, the ECB President Mario Draghi will hold a press conference. In this light, EURUSD volatility may rise.
In the evening, the USA are scheduled to report on the Unemployment Claims, which is expected to remain unchanged at 215K, the same as the last week.
Later in the evening, there will be several more reports for the USA, such as the Nonfarm Productivity and the Revised Unit Labor Costs for the fourth quarter. And finally, the USA will publish the Trade Balance for April, which may showed a slight decrease in the Exports due to trade wars Washington started.