This week was fairly quiet. The U.S. economic market data was mixed again. The initial jobless claims in the U.S. surprisingly increased last week. Are that signs of the slowdown in the U.S. labour market? The pace of the job creation also slowed in April.
Market participants are awaiting the U.S. labour market for May. The weaker-than-expected U.S. labour market could mean that the Fed would not raise its interest rate in June. The referendum on Britain's membership in the European Union (EU) on June 23 is also likely to weigh on the Fed's interest rate decision as Britain's exit from the EU would have a negative impact on the U.S. economy.
Oil prices rose this week, mainly supported by the wildfire in Canada. It is likely that we will see some correction in the coming days and weeks as the global oil oversupply still remained.
It is likely that the currency pair EURUSD will rise toward the high of May 11 at $1.1445, if there are negative news from the U.S. and there are no negative economic data from the Eurozone.
If the U.S. economic data is better than expected and in case of the negative economic data from the Eurozone, the currency pair EURUSD may test the low of April 22 at $1.1217.
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