The main currency pair is trading downwards on Tuesday in anticipation of the USA FRS meeting.
On Tuesday, he Eurodollar is moving to the downside after a short pause yesterday. The current quote for the instrument is 1.1228.
Today’s statistics showed that in the first quarter the employment rate increased by 0.3% q/q, which is a bit more than expected. On a year-on-year basis, the indicator added 1.4%. In the European Union, the number of employed increased by the same 0.3% q/q.
The industrial production in the Eurozone in April added 1.1% m/m seasonally adjusted against the decrease by 0.7% in March. The growth in April, even if we consider it as a rebound after the fall in the early spring, is still above expectations. On a year-on-year basis, the industrial production increased by 2.0% in April. The main contribution into this progress was made by durable and capital goods.
In general, the published statistics is stable and rather positive. At any other time, it would provide support for the Eurocurrency, but not now, as today the two-day meeting of the USA FRS starts. Although one can hardly see and tension on the market, investors have already made a decision on behalf of the regulator that it would be the wrong time at the moment to increase the rate, because not many people are ready to risk right now.
RoboForex Analytical Department
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