The Eurodollar is feeling quite well. Purchases continue for the fourth consecutive day; the current quote for the instrument is 1.1366.
Today’s statistics on the Eurozone didn’t impress investors. No one waited for any miracles from the inflation data, that’s why the market remained in balance. The US Dollar weakness at the moment is more interesting for traders than fundamentals.
According to the published data, the CPI in March in the Eurozone decreased by 0.1% against the decrease of 0.2% the month before. The core inflation over the same period increased by 1.0% against the predicted number of 0.9%. It’s more than in February, when the indicator increased by 0.8%.
However, the basic indicator is almost “sterile” data, which doesn’t include any volatile goods. It’s just a picture of how “it might have been, if it had not been for”. For a long time, the inflation itself is staying under the target level of 2% set by the ECB, and it will take much time to get to this target.
In the future, investors are awaited by important reports on the employment market in the USA in March. They will be published tomorrow in the late afternoon. Considering the employment in the private sector from ADP, this month may be more positive that it was predicted. The better the reports are, the more support the US currency will have.
RoboForex Analytical Department
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