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A technical correction can be marked yesterday. If on Tuesday, the euro and the pound were actively losing their positions, then yesterday, they won back almost exactly half of this decline in view of a completely empty macroeconomic calendar. This can be considered as the perfect technical rebound. At the same time, market participants completely ignored the accompanying factors, which quite often have a serious impact on the markets. For example, no one paid attention to Boris Johnson's next bold step regarding Brexit. The British prime minister has threatened to halt negotiations on a trade agreement if no progress is made by next week. However, such a statement looks quite strange and very illogical, he already reached an agreement with the EU over the weekend to extend the negotiations for another month. After this, immediate threats to stop the negotiation process are nothing more than blackmail. Brussels has long shown that such methods do not work on it. As a result, investors took the statements of the British Prime Minister as another meaningless concussion. In addition, the market was not affected in any way by the publication of the minutes of the FOMC meeting, which did not bring anything new.
US data on applications for unemployment benefits will be published today, which investors will pay attention to, since it might contribute well to the dollar's strengthening. Here, the figures of initial applications for unemployment benefits is expected to rise from 837 thousand to 840 thousand, while the number of repeated applications for unemployment benefits should decline from 11, 767 thousand to 11, 500 thousand. In other words, the total balance is likely to be reduced by 264 thousand. As we can see, the number of repeated applications is also being reduced which is very important. This means that while the duration of unemployment is declining, the labor market continues to recover.
Repetitive Unemployment Insurance Claims (United States):
Following its partial recovery, the EUR/USD pair sluggishly moves within the levels of 1.1760/1.1780, where it has been holding its position for quite some time. We can assume that there will be a local surge in activity during the EU session, where the best trading method would be to break down a particular stagnation border (1.1760/1.1780).
The GBP/USD pair managed to break through yesterday's local high at 1.2928, which signals a recovery process. In this situation, we can continue to move locally towards 1.2960. But if this level won't clearly breakdown, it is very likely that the price will return to the level of 1.2900.
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