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May 27, 2021

Calm the Market Today, Don't Expect No Snares

 The European session started calmly with most major currencies slowly climbing after being pushed down by the greenback dollar in the previous session.

A statement from a top Federal Reserve (Fed) official on Wednesday on current monetary policy and profit -taking by investors, has given the U.S. dollar short -term support.

Fed Vice Chairman for Surveillance Randal Quarles said it was important for the U.S. central bank to begin discussions in the coming months, on plans to reduce its bond purchases.

This has pushed the pound to a one -week low in the Asian session, before it returned to stability by trading around 1.41200 at the start of the European session.

Meanwhile, the euro is again struggling to post gains, amid sentiment still in favor of the greenback dollar.

The publication of US Gross Domestic Product (GDP) data will be the main focus of the mini market, in addition to attention will also be focused on unemployment claims data which is forecast to continue to decline.

The New Zealand dollar continued to trade stronger after projections by the Central Bank of New Zealand (RBNZ) released gave a hawkish signal that interest rates would be raised in the middle of next year.

Recent reports on America’s first -Chinese talks on trade under President Joe Biden’s era don’t seem to have had any impact on Asian currencies, with the Aussie dollar trading little changed against the US dollar.