EUR/USD

The EUR/USD pair shows multidirectional dynamics, consolidating around 1.0940: activity in the market remains restrained, despite the publication of key macroeconomic statistics. On Tuesday, the focus of investors' attention was on the eurozone's Gross Domestic Product (GDP) data for the first quarter, which turned out to be better than analysts' expectations, but the euro showed a fairly active decline that day. One way or another, the region’s economy added 0.4% in annual terms after growing by 0.1% in the previous reporting period, while analysts expected 0.2%, and in quarterly terms the figure accelerated from 0.0% to 0.3%, ahead of the forecast of 0.1%. In addition, trading participants paid attention to April inflation statistics: the Core Consumer Price Index in annual terms slowed down from 2.9% to 2.7%, while experts expected 2.6%, and in monthly terms it declined from 1.1% to 0.7%. The day before, the market's focus shifted to data from the United States. The Manufacturing PMI from the Institute for Supply Management (ISM) dropped from 50.3 points to 49.2 points in April, with expectations of 50.0 points, and a report from Automatic Data Processing (ADP) on employment in the private sector reflected a slight decrease in the indicator from 208.0 thousand to 192.0 thousand, while analysts expected 175.0 thousand. Yesterday's trading session ended with the results of the US Federal Reserve meeting: as expected, officials kept the interest rate at 5.50% for the sixth time in a row, citing the inflation rate as not being low enough to implement a looser monetary policy. Moreover, commenting on the decision, the Fed's Chair Jerome Powell noted that the regulator is currently not confident that the rate of decline in consumer prices will reach target values in the near future.

GBP/USD

The GBP/USD pair is trading with slight upward dynamics, developing the "bullish" momentum formed the day before. The instrument is testing 1.2530 for a breakout, while trading participants are in no hurry to open new positions ahead of the publication of macroeconomic statistics from the US on the labor market. Analysts expect that in April Nonfarm Payrolls will amount to 243.0 thousand after 303.0 thousand in the previous month, and the Average Hourly Earnings will adjust from 4.1% to 4.0%, but in monthly terms the figure may add 0.3%. The Unemployment Rate is expected to remain at the previous level of 3.8%. Tomorrow at 16:00 (GMT 2) statistics on the business activity index from the Institute for Supply Management (ISM) will be published in the services sector: according to preliminary estimates, the Services PMI will increase from 51.4 points to 52.0 points. In addition, on Friday at 10:30 (GMT 2) the market will receive similar data from the UK: the Services PMI from S&P Global in April is expected to remain at the same level of 54.9 points, and the Composite PMI at 54.0 points. Currently, trading participants have at their disposal statistics on Manufacturing PMI from the United States and the UK, which were published on Wednesday, May 1. The British index from S&P Global rose from 48.7 points to 49.1 points with a neutral forecast, and the American index rose from 49.9 points to 50.0 points, while the same indicator from ISM decreased from 50.3 points to 49.2 points with expectations at 50.0 points.

AUD/USD

The AUD/USD pair shows moderate growth, developing the upward momentum of the previous day, as a result of which it managed to retreat from the local lows of April 23. The instrument is testing 0.6535 for a breakout, while trading participants evaluate the April Australian foreign trade report. Export volumes added 0.1% after -3.2% in the previous month, while Imports fell from 4.5% to 4.2%. Against this background, the trade surplus fell from 6.591 billion Australian dollars to 5.024 billion Australian dollars, while markets were expecting 7.370 billion Australian dollars. The day before, trading participants drew attention to statistics on business activity in Australia. S&P Global Manufacturing PMI corrected from 49.9 points to 49.6 points with neutral forecasts, AiG Manufacturing PMI in March dropped from -7.0 points to -13.9 points, and AiG Construction PMI declined from -12.9 points to -25.6 points. Today, the market will focus on statistics from the United States on the jobless claims: Initial Jobless Claims for the week ended April 26 is likely to increase from 207.0 thousand to 212.0 thousand, and Continuing Jobless Claims for the week ended April 19 are expected to be near the previous level of 1.781 million. Tomorrow the market will receive April data on business activity in the Services sector from the Commonwealth Bank in Australia, and on the labor market in the US. Analysts expect a slowdown in the growth rate of Nonfarm Payrolls from 303.0 thousand to 243.0 thousand.

USD/JPY

The USD/JPY pair is showing growth again, recovering from a sharp decline the day before, as a result of which the local lows of April 15 were updated. Active downward dynamics were also observed on Monday, when the yen managed to retreat from record lows. Apparently, the growth of the Japanese currency is due to intervention from the Bank of Japan, which previously accused speculators of an unjustified weakening of the yen. At the same time, many investors are skeptical about possible intervention from the regulator, pointing to economic factors within the country, as well as the strong position of the dollar, which continues to receive support from the high interest rate of the US Federal Reserve. Japanese monetary authorities, in turn, intend to pursue a soft monetary policy for now, fearing increased deflationary risks. Macroeconomic data published the day before failed to provide significant support to the yen: the Manufacturing PMI from S&P Global in April fell from 49.9 points to 49.6 points with neutral forecasts. In turn, the American Manufacturing PMI from the Institute for Supply Management (ISM) dropped from 50.3 points to 49.2 points, while analysts expected 50.0 points. The focus of investors on Friday will be the report on the American labor market: it is expected that Nonfarm Payrolls will decrease from 303.0 thousand to 243.0 thousand, the Average Hourly Earnings will adjust from 4.1% to 4.0%, and the Unemployment Rate is likely to remain at 3.8%.

XAU/USD

The XAU/USD pair shows mixed dynamics, consolidating near the level of 2320.00. Market activity remains subdued as traders await the publication of the April US labor market report. Analyst forecasts suggest that Nonfarm Payrolls will decrease from 303.0 thousand to 243.0 thousand, and the Average Hourly Earnings will adjust from 4.1% to 4.0% in annual terms and remain at 0.3% in monthly terms. Meanwhile, the American currency is supported by expectations that the US Federal Reserve interest rate will remain high for a long time. At the end of yesterday’s meeting, the indicator was kept at 5.50%, and the Fed's Chair Jerome Powell noted that inflation in the country remains high, and the financial authorities have no guarantees of its sustainable slowdown in the near future. In addition, the official announced a decrease in the volume of balance reduction from 60.0 billion dollars to 25.0 billion dollars per month.