Currency sentiment: USD - Neutral, EUR - Bearish, GBP - Bearish
Reference time frame: Short-term
The recently released macroeconomic data has provided some mixed signals for the benchmark currencies. The U.S. Baker Hughes Oil Rig Count and Total Rig Count have shown a slight decrease from the previous data, indicating a potential slowdown in the oil industry. This could have a negative impact on the USD as it might lead to lower demand for the currency due to reduced economic activity in the oil sector.
On the other hand, the Atlanta Fed GDPNow forecast for Q1 has been revised down to 2.1% from the previous 3.0%. This lower growth forecast could also weigh on the USD as it signals a potential slowdown in the U.S. economy.
In contrast, the EUR and GBP have shown bearish sentiment due to the negative GDP growth figures and high inflation rates. The Eurozone's German GDP and CPI data have both shown contraction, while the UK's GDP and CPI have also been negative. This could lead to a decrease in demand for the EUR and GBP as investors may seek safer assets in times of economic uncertainty.
Overall, the short-term outlook for the USD is neutral, while the EUR and GBP are bearish. Traders should keep a close eye on upcoming economic data releases and geopolitical events to assess the potential impact on the currency markets.