The main currency pair in the middle of the week is trying to recover after five days of sales.
On Wednesday morning the Eurodollar is slowly rising, while the external background is calm, and a new portion of dubious news has not shaken the market. The current quotation of the instrument is 1.1166.
The macroeconomic calendar for the Eurozone today is neutral and does not contain any significant publications. The US will release data this evening on the January index of producer prices and sales of new buildings in the last month. Neither the first nor the second case, is expected to be especially positive. Without relying on statistical data, the market will switch its attention to the flow of information.
Yesterday the representative of the European Central Bank, Mr. Novotny in an interview with the Swiss publication noted that the world economic situation looks quite disturbing, especially noticeable are the risks in the Chinese system, Russia and Brazil. Actually, this is not surprising, since emerging economies more acutely than others react to any deterioration of environmental conditions. According to Novotny, the ECB, in contrast to the central banks of these countries, is working towards the stabilization of normal levels of liquidity in the system. It is therefore important to pay the utmost attention to the upcoming meetings of the ECB. First of all, it's March - it is quite possible that the European regulator report something on the levels of liquidity in the economy at the March meeting. The expansion of incentive program at this moment is hardly possible, but such a possibility can not be discounted in the medium term.
Today the euro/dollar will trade in the range of 1.1140-1.1185. Going beyond the corridor is possible if the raw material market will start to get nervous again because of talks about production.
RoboForex Analytical Department
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