The Euro remains strong. Overview for 22.03.2017

The main currency pair is falling a little bit on Wednesday, but staying close to its six weeks’ highs.

On Wednesday evening, the EUR/USD pair is slightly falling. The current quote for the instrument is 1.0788. The weekly high is at 1.0820.

There was no significant statistics during the day, except for the Current Account of the Eurozone. With a lack of any serious catalysts, investors are slowly correcting their EUR/USD positions and following the debates relating to the monetary policy of the European Central Bank.

Today, representative of the ECB and the Governor of the Banque de France, Mr. de Galhau noticed that it was too early to talk about closing the QE program as the time didn’t come yet. According to his words, growth of the key macroeconomic indicators shows that the QE program is effective and important, so why hurry?

We remind you that earlier the program was criticized by monetary politicians from Germany, who consider the ECB strategy to be too soft. De Galhau said what hanged thick in the air: without the QE, the Eurozone’s economy wouldn’t be able to keep the pace and may plummet even more.

In the evening, the market will follow the statistics on the HPI reading in the USA in January and the Existing Home Sales in February. Overall, the EUR/USD is moving rather quiet; the trading session may finish close to the current levels.

RoboForex Analytical Department