At the beginning of the week, the main currency pair is trading with a lack of initiative, and the dollar position looks strange.
On Monday, the euro/dollar is trading neutrally. The current quotation of the main currency pair is 1.0819 (0.2%). Given that oil is now trading in the red, the euro/dollar behavior looks weird, as the usd could have grown. Although it is possible, investors are tense due to the forthcoming meeting of the US Federal Reserve. It is unlikely that anything completely new will be said, but after the start of the tightening phase of monetary policy of the United States, traders again get nervous before each of the meetings in the framework of the Federal Reserve.
Today, Germany has presented a report on the business climate from Ifo for January 2016. The indicator dropped to a mark of 107.3 points against 108.6 in December. The forecast assumed s reduction of up to 108.4 points, but the reality is, as usual, more prosaic. Current figures on business confidence are the weakest in the last eleven months.
The components of the report shows that the index of current conditions fell to 112.5 points from 112.8 points previously. At the same time, the expectations index dipped to 102.4 points against December's revised reading of 104.6 points. All three figures are important for understanding the indicator, and as a result were minor.
The new week for the major currency pair will be interesting from the point of view of macroeconomic statistics, but the bulk of the publications will be released after the Fed meeting. At the same time, more pronounced movements in the euro/dollar will start.
RoboForex Analytical Department
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