The main currency pair hasn’t been able to keep a positive impulse and right now is retreating; the meeting of the ECB is ahead.
On Thursday afternoon, the EUR/USD pair is under pressure. The current quote for the instrument is 1.1292.
Yesterday it became known that the sales of secondary housing in March in the USA increased by 5.1% up to 5.33 million units, which is much bigger than the number was in February, 5.07 million. On a year-on-year basis, the indicator increased by 1.5%. It’s a very good result taking into account the fact that American consumers tend to hold onto the cash and wait for more stable period to make some expensive purchases.
The meeting of the ECB is going to take place today. The moment is a bit unusual, because normally such meetings occur during the first week of the month. Recently, the European regulator prefers to wait for more pronounced effect from implemented stimulation. In this light, the meeting may turn out to be quite neutral. The ECB will refrain from making any long-term predictions until the moment it is absolutely sure about perspectives. Active steps in favor of expanding the stimulation program were made only a little over a month ago, so it’s too early to make any conclusions.
The EUR/USD pair was trading upwards for three trading sessions in a row, and planned to start the fourth one, but the market was tired of sales and preferred to take profit. Today’s session will be mainly demonstrative: the way the session ends directly influences the short-term trend in the instrument.
Basically, the market is still against the US Dollar because of the Federal Reserve’s low-key rhetoric. So far, one can hardly do something about this. However, fundamentally, neither the Euro nor the Dollar is going to weaken sharply. Right now, the regulators are busy watching the market, it will take some time.
RoboForex Analytical Department
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