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01.06.2020: USD still has chances to recoup its losses. Outlook for EUR/USD and GBP/USD

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Market participants are shocked by the events occurred in most US cities during last weekend. It is obvious that mass demonstrations, burning shops, and clashes with police do not improve investors’ sentiment. Thus, the US is losing ground amid the news. The US dollar depreciation was also caused by the eurozone statistics. According to the final data, the eurozone manufacturing PMI advanced to 39.4 points whereas economists had expected a rise to 39.5 points. It means that the manufacturing sector is starting to recover. At the same time, the pound sterling rose amid the UK statistical report. The UK final manufacturing PMI data slightly exceeded the forecast. The indicator jumped to 40.7 points compared to a rise to 40.6 points according to preliminary estimates. Thus, the condition of the UK manufacturing sector is a bit better.
At the beginning of the American session, the local US dollar downtrend may change. First of all, the US dollar is extremely oversold and there are all reasons for the upward correction. Secondly, economists suppose that the US manufacturing PMI could also show an increase. Moreover, the recent events can be surely called extraordinary. Thus, the US police is likely to do its best to minimize protest activity. Some US cities have already imposed curfews. All these measures may calm down investors. As a result, the US dollar is expected to recoup its losses.
Judging by the comprehensive analysis, the euro/dollar pair advanced to local high of 1.1147 that was logged on March 27th. Besides, the pair approached the range of 1.1180 and 1.1200. Last week, market participants were opening long deals. It is quite possible that they will fix their positions between the levels of 1.1150 and 1.1200. This may lead to a technical downward correction of the pair.
Last week, the pound/dollar pair managed to keep the upward trend. As a result, it broke the 1.2350 level and approached the technical area of 1.2420/1.2440. Later, the quote slowed down. It is quite possible that market participants are under pressure. The price could return to the level of 1.2350. However, long positions can be opened, if the price consolidates above 1.2440 with the target at 1.2500.

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