Into North American trading and EUR/USD once again has the all-time high in its sights. Spot has bounced off 1.3585 support intraday and sellers into the 1.3640's are currently attempting to cap the move higher. However, further stabs higher are looked for and 1.3667 remains targeted.
Before the bounce dealers noted that disappointing US data this week had failed to see the US unit incur serious losses. However, with a break into the 1.3650's now looming the view is now that negative momentum may be building and the Dollar could be in for a tough time going forward if more bad news is sitting in the pipeline. Advanced US Q1 GDP is set for release at 12:30 GMT and this will be key to further rallies and bulls targeting the 1.3700 options.
The Commerce Dept. releases its first estimate and economists expect a +1.8% annualized rate of growth. Following this the attention will turn to the 14:00 GMT unveiling of April final Michigan Sentiment. A median reading of 85.2, compared with the 88.4 previous, is forecast.
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