Yesterday, the greenback maintained its volatile trading momentum against its rivals, while mixed important economic figures were released from all over the world. The greenback rate hit a 10 day low against the EUR at the rate of 1.5542 before recovering most of its losses following positive economic releases from the U.S. markets.

Yesterday was an important news day on the US economic calendar. The release of some key economic indicators showed that some improvement or more importantly stability has returned to the US economy. The Unemployment Claims report showed a moderate increment, with the final figure of 371K. The Philadelphia Fed Manufacturing Index recovered to the level of -15.6, which is a great deal healthier than the April reading of -24.9. Overall, yesterday’s mixed fundamental data imposed a very volatile and risky session.

Today should provide some expected volatility in the market, ahead of a day full of U.S. news events highlighted by the housing market and consumer confidence data. Traders may expect another fall in Housing Starts and Building Permits in April. However, the University of Michigan Confidence index in May could rise to 65.0 from a record low of 62.6 in April.

For the time being EUR/USD seems trapped in a range between 153.50 and 155.75. As long as market participants are in doubt whether the U.S. economy will weather the storm without any further rate cuts, traders should not expect drastic moves on the currency cross rate.