The main currency pair continues retreating, keeping the Friday’s momentum for sales.
The EUR/USD pair is still under pressure on Monday afternoon. The final working week of this summer can’t be considered too positive for the Euro. The current quote for the instrument is 1.1169. It’s not as bad as it was last Friday, but the sentiments in the pair remain bearish.
The trigger for this was the speech made by Janet Yellen, the Chair of the Fed, in Jackson Hole last Friday. In general, she was rather optimistic noticing that the American economy was improving and admitting that there were more and more reasons for increasing the interest rate. For those who support the US Dollar, it was enough.
Today’s statistics indicated that personal incomes of Americans increased in July by 0.4% m/m, the same as expected. Whereas in August, the number was 0.3% m/m, the same as expected again. The marker barely reacted to these reports.
Today, the situation is quite calm as there is no important news or some particular statistics, save as aforesaid. The demand for the US Dollar is unlikely to be long-term: the Fed won’t let the market or anyone else to manipulate it in the questions relating to the interest rate, that’s why the positive speech my Yellen might be easily overwhelmed by something more “down to earth”.
At the end of this week, the USA will publish the report relating the employment market in the country in August. Responses to this report are usually significant and, possibly, investors will prefer to save their strength expecting important statistics.
RoboForex Analytical Department
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