The major currency pair is ready to consolidate after several days of active movements.
EURUSD is looking pretty stable – fundamental background is rather neutral, so investors are ready for a consolidation. The current quote for the instrument is 1.1330.
The inflation report published by the USA yesterday provided market players with another signal that the benchmark rates in the country would remain unchanged for a while. The PPI added 0.1% m/m in February after losing the same 0.1% m/m in the previous
month. The indicator was supported by energy prices, without them, it would remain negative. Weak macroeconomic statistics are rather negative for the American currency, because they allow the US Federal Reserve to continue monitoring the country’s economy without interfering.
There will be no important numbers from the Euro Area today. In the evening, the USA are going to report on the Unemployment Claims, which is expected to be approximately at 225K.
Other readings to be published in the evening are the Import Prices, which are expected to recover after reducing in January, and the New Home Sales, which may improve a little bit. Both reports are neutral for the USD.
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.
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