The main currency pair is growing for the third consecutive day influenced by soft comments from the Federal Reserve and pressure on the Dollar.
The Euro is getting more expensive on Wednesday afternoon. The current quote for the instrument is 1.1314; it has grown by 1.4% since the beginning of the week.
Today’s statistics indicated that the Business sentiment index in the Eurozone got a little bit better in March. The indicator is 0.11 points against the predicted number of 0.08 points. The Economic sentiment index in March 103 points against the predicted number of 103.8 points. The Consumer confidence index worsened a bit in March and is -10 points against the expected number of -9.7 points. The industrial sector is in “anabiosis”: here, the Business sentiment index in March is -4 points against the predicted number of -4.2 points.
Eurodollar hardly responds to this statistics. Investors prefer the driver, which looks stronger: right now, it’s the Federal Reserve and its monetary policy. The Head of the FRS, Janet Yellen, who spoke yesterday, once again announced that the chain of the interest rate increases would be quite unhasting and slow. It destroyed the bet the market placed on the reevaluation of cost parameters of the American credit activity, and obviously, counted against the US Dollar.
In fact, investors’ expectations that the FRS would be more aggressive in April didn’t have any ground except for emotions and enthusiasm, because the regulator didn’t give any particular instructions for such intentions. This driver may yet affect the EUR/USD pair for some time, but at the end of the week, the employment report in the USA over March will be published.
RoboForex Analytical Department
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