While the external background sends investors news, the main currency pair prefers not to make any unnecessary movements.
All day today the participants in the commodity and currency market analyze the news coming out of Doha. There, Russia and OPEC, and along with them Venezuela, agreed to freeze the level of oil production on the January figures. The oil market immediately reacted with a 4% decrease in quotations, but the price of a barrel of Brent is still kept in the positive zone. One gets the feeling that this picture lacks two important opinions - the United States, because they are also an important player in the commodity markets, and China as a key customer. Without these points of view, the investors can not understand the further mood of the US dollar.
The current quotation of the euro/dollar is 1.1163. For the past three trading days, investors were selling the main currency pair.
Today, the euro zone has presented statistics on the mood in the business sector in February. The indicator fell to 13.6 points (-9.1 points). This is slightly better than the expectations envisioned. Assessment of the current situation in the European economy has deteriorated by 0.5 points and amounted to -8 points. Here there were no surprises.
The main movement in the euro/dollar may come at the beginning of the American session. The market is tense, and it does not have enough understanding of the prospects.
RoboForex Analytical Department
Without authorization, you can view no more than two reviews per day and no more than 10 per month. To continue reading analytical reviews, register or login to your Members Area.