The Eurodollar is under pressure. Overview for 24.03.2016
24.03.2016
The main currency pair remains within sellers’ eyesight; overseas investors won’t risk before long Easter holidays.
The Euro is still under sellers’ spotlight. The current quote for the instrument is 1.1164; the daily fall is not more than 0.2%, but the pair is being sold for the sixth consecutive day.
“Thin” pre-Easter market doesn’t imply a lot of risks as tomorrow the Catholic world is going to celebrate Good Friday, and on Sunday – Easter. The currency market operates as usual, but the activity will be much lower.
The American statistics, published recently, hasn’t influenced the market trends. Durable goods orders in February decreased by 1% m/m against the predicted number of 0.2%. On a year-on-year basis, the indicator decreased by 2.8% against the expected number of 2.9%. The data on a year-on-year basis turned out to be a bit better than expected, but it doesn’t change a thing: the indicator remains quite volatile, and the positive data in January was replaced by February’s “darkness”. There is no point in making any predictions: in March, the number may both decrease more and increase a bit.
The number of initial jobless claims over the week was 265 thousand against the predictions of 268 thousand. The difference is not significant; it may not influence the market trends a lot.
So, although stock markets won’t trade tomorrow, they will publish the final GDP report for the fourth quarter in the USA. Low activity on the market due to the absence of the most investors may be a reason for high volatility after the report is published in case it would differ from predicated numbers. This is unlikely, but one should consider it.
RoboForex Analytical Department
The Euro is still under sellers’ spotlight. The current quote for the instrument is 1.1164; the daily fall is not more than 0.2%, but the pair is being sold for the sixth consecutive day.
“Thin” pre-Easter market doesn’t imply a lot of risks as tomorrow the Catholic world is going to celebrate Good Friday, and on Sunday – Easter. The currency market operates as usual, but the activity will be much lower.
The American statistics, published recently, hasn’t influenced the market trends. Durable goods orders in February decreased by 1% m/m against the predicted number of 0.2%. On a year-on-year basis, the indicator decreased by 2.8% against the expected number of 2.9%. The data on a year-on-year basis turned out to be a bit better than expected, but it doesn’t change a thing: the indicator remains quite volatile, and the positive data in January was replaced by February’s “darkness”. There is no point in making any predictions: in March, the number may both decrease more and increase a bit.
The number of initial jobless claims over the week was 265 thousand against the predictions of 268 thousand. The difference is not significant; it may not influence the market trends a lot.
So, although stock markets won’t trade tomorrow, they will publish the final GDP report for the fourth quarter in the USA. Low activity on the market due to the absence of the most investors may be a reason for high volatility after the report is published in case it would differ from predicated numbers. This is unlikely, but one should consider it.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.