EURUSD

On Thursday, weekly unemployment claims from the US, along with May manufacturing and services PMI data and April existing home sales, will test the strength of the Dollar. In particular, a slight slowdown expected in the PMI data could create pressure on the Dollar if perceived as signs of cooling in the US economy. On Friday, the first quarter GDP growth data from Germany will be critical for the Euro; a quarterly recovery of 0.2% in line with expectations could support the Euro. On the same day, new home sales data for April from the US could also create volatility in the pair on the last trading day of the week.