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Home / Analytics / Forex analysis & forecasts / Forex Fundamental analysis / The Eurodollar is being sold again. Overview for 19.05.2016
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The Eurodollar is being sold again. Overview for 19.05.2016

The main currency pair is trading to the downside for the second day in a row; “bears” become more active again on Thursday evening.

The Eurodollar is falling for the second consecutive day. In the morning, it seemed that “bears” got cold after yesterday’s emotions and were a bit confused, but the second half of the day shows that it is not true. The current quote for the pair is 1.1188; the daily decline is 0.3%.

So far, the main driver for this is the yesterday’s minutes of the previous meeting of the FRS, here the market saw a possibility of the interest rate increase in June. After comments from two representatives of the FRS, Lockhart and Williams, the minutes became another confirmation that the regulator was going to tighten the monetary policy.

Today, the minutes of the previous meeting of the European Central Bank were published. The main idea is the inflation, and the ECB is confident that it should follow the strategy of increasing the inflationary pressure, because it produces a perceptible effect.
The market hardy responded to this document, speculative attitude and anti-Dollar sentiments, which took place for quite a long time, are now on the other side of the barricade.  

Today’s statistics indicated that the number of jobless claims over the week in the USA was 278 thousand against the predicted number of 275 thousand. The fact that the indicator almost matched predictions provided support for the US Dollar. The index of business activity from the Federal Reserve Bank of Chicago in April was just 0.1 points and made absolutely no impression on the market.

So far, the Eurodollar is “bearish”, and not much can knock sellers senseless.
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