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Overall, the market failed to pull any important moves until the second part of the U.S. session, when the S&P futures started to trend higher. The only exceptions were the pound and the yen, which saw a rather strong moves the first part of the day, but still the two pairs,retracing retraced completely these moves during the U.S. session. As a note, the currency market seems to be going throughout a period of uncertainty right now.

Throughout the U.S. session, a release showed that the GDP contracted less than initially estimated in the first quarter. The final GDP read showed that in Q1, the economy contracted -5.5%, compared with to the initial estimates of 5.7%. At the same time, the number of initial jobless claims rose to 627K over the past week, more than the market had expected. ,This something that may suggest the labor market might may not had have bottomed yet. 

The Euro (Eur/Usd) is currently trading just below the 20-day moving average, after it gained 60 pips throughout the middle of the U.S. session. However, until recently, the euro moved only side-ways, swinging around the 1.3930 level. For the rest of this week, the euro’s calendar is has a clear. calendar. 

The Pound (Gbp/Usd) was the only pair that made a noticeable move during the first part of the day. The pound tumbled approximately 200 pips during the European session, as investors questioned the huge deficit that the U.K. economy faces. During the U.S. session, the pound started heading higher once again, something that made caused the pair to retrace most of its declines. For now, the pound’s daily chart is looking rather very confusing and denotes a lot of uncertainty. 

The Aussie (Aud/Usd) traded on relatively weak momentum on Thursday, unable to pull any decent moves. Up to the middle of the U.S. session, the aussie just swung around the neutral pivot point (0.7975) in a 30-pip range on both sides, however, the aussie started eventually to head higher in-line with S&P futures.

The Cad (Usd/Cad) managed to gain 75 pips during the European session, and additionally it even broke above TheLFB R1 (1.1620) for a very short period. However, the pair started heading lower during the U.S. session, which made the cad broke breaking below the 1.1575 level, which represents the high of the prior two days of trading. 

The Swissy (Usd/Chf) had a high correlation with the euro on Thursday, almost mirroring its moves. During the Asian session, the swissy declined 50 pips down to the 1.0920 level. Soon after, the pair reversed its declines but now the swissy is again trading near the same support level.

The Yen (Usd/Yen) advanced strongly throughout the first part of the day, but then it completely retraced completly every pip gained earlier. Moreover, the pair bounced off the 200-day moving average on Thursday and appears to be forming a pin-bar pattern on the daily chart, which usually is interpreted as a reversal pattern. 

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