The European currency managed to regain some of its positions against the US dollar after a good report on the growth rate of the US economy, which came out on Wednesday.
By the end of the US session, traders were closely following the speeches of representatives of the Fed.
Thus, the President of the Federal Reserve Bank of San Francisco, John Williams, said on Wednesday that future rate hikes will depend on the stability of economic growth and inflation, but a delay in raising rates creates risks of instability. Williams expects that inflation will reach 2% in 2018, which will contribute to the warmed-up labor market.
In general, the technical picture in the EURUSD pair remained without major changes.
A break above 1.1880 will lead to a larger upward trend in risky assets with an update of 1.1915 and 1.1960. In the event of maintaining pressure on the euro, we can expect the continuation of a downward correction towards the area of 1.1820 and 1.1780.
Oil quotes, despite falling inventories, declined after the report of the Energy Information Administration of the US Energy Ministry. According to the data, the drop in commercial oil reserves for the week was 3.4 million barrels, which was due to the suspension of the Keystone pipeline and the increase in the load of the refinery. Economists had expected that the decline in reserves would be 1.9 million barrels.
Demand for the British pound has muted and also dropped after the data on the deterioration of confidence of the British consumers in November of this year. According to the report of the research company Gfk, the consumer confidence index Gfk in November 2017 decreased by 2 points and amounted to -12 points.
The Japanese yen continued to decline against the US dollar, despite good data on industrial production in Japan. According to a report from the Ministry of Economy of Japan, industrial production grew by 0.5% in October this year compared with September, while economists expected a 2.0% increase in production.
The New Zealand dollar collapsed against the US dollar after the release of the report on the decline in confidence in the business circles of New Zealand. According to ANZ, 39% of companies are pessimistic about the coming year, and the index in November this year fell by 29 points compared with October.
This failed to help commodity currencies and good data on manufacturing activity in China.
According to the report, the index of supply managers for the manufacturing sector in November rose to 51.8 points from 51.6 points in October. Economists had expected the index to be 51.5 in November. The index of new orders rose to 53.6 from 52.9, the production index rose to 54.3 from 53.4.