At the beginning of the week, the EUR/USD is still growing slowly; the market is still unfriendly to the USD.
The Euro continues growing slowly against the USD on Monday. The current quote for the instrument is 1.0772.
Before noon, the main currency pair wasn’t very dynamic due to the not too active trading session in Asia: the Japanese market, which is closed because of the Vernal Equinox day, had its impact. In the afternoon, investors continue buying the Euro against the USD, influenced by the results of the March Fed’s meeting. The regulator increased the interest rate up to 1.0%, just as expected. Everything happened as it was predicted, that’s why the USD is still being sold. In addition to that, the Fed confirmed its intentions to revise the rate twice more until the end of the year.
The G20 meeting didn’t provide any new information or drivers. There were continuous talks about currency interventions, but no final communiques were made.
Today’s trading session is looking pretty calm. The only important statistical in the macroeconomic was made – Germany reported on the PPI in February, which expanded by 0.2% m/m after adding 0.7% m/m in the previous month and against expectations of 0.4% m/m.
There won’t be any significant reports today. In the evening, the President of the Deutsche Bundesbank, Mr. Weidmann is going to speak, as well as Mr. Evans, the FOMC Member.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.