Jens Nærvig Pedersen, senior analyst at Danske Bank, explains that the EUR/USD pair has bounced around in the range of 1.1282-1.1313 over the past day, where stronger data releases, first the better-than-expected ZEW reading yesterday, where the higher expectations component does provide some ray of light for the euro zone economy, and later the stronger Q1 growth data out of China, pushed the pair higher.
“Those gains were balanced by the relatively downbeat and dovish ECB headlines. For EUR/USD, the big test will be tomorrow, when April’s flash PMIs are released. We look for another disappointment tomorrow, which could send EUR/USD down some 50-70 pips on the day.”
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