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Main » 2016 » April » 7 » Forex on 07/04/2016: EUR / USD keeps the lateral dynamics
09:46
Forex on 07/04/2016: EUR / USD keeps the lateral dynamics
 
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Results of the last trading day:

On Wednesday, trading in the euro / dollar ended in positive territory. The course after falling to a level of 1.1326 to 1.1431 recovered. The British pound was the underdog in the market during the day and managed to also play the daily losses in the dollar, ending trading at 1.4120.

 

 

The main driver to the weakening of the dollar before the release of the minutes of the March FOMC meeting could be a report from the US Department of Energy. Last week oil inventories fell by 4.9 million barrels to 529.9 million barrels. Analysts had expected inventories to increase by 3.5 mln. Barrels. Oil production fell by 14 thousand to 9.008 million barrels per day.

 


A barrel of Brent rose after the release of the report to $ 40.50. And given the negative correlation between the dollar and oil, after oil went major currencies.


FOMC meeting minutes showed that Fed officials do not see the possibility of raising interest rates in April.


Market expectations for today:

Calendar Thursday empty, but will act as representatives of the ECB. The cross pair euro / pound of the single currency is in demand. Given this factor, I believe that "evrobyki" try to test the strength of 1.1440. I do not expect this level of breakdown, because they do not see a driver for the strengthening of the euro. Closing day is expected at the level of 1.1385.


News of the day:

  • At 9:30 MSK an address by the ECB board member Peter Prat.
  • At 10:00 MSK an address by the Vice-President of the ECB Vitor Constancio.
  • At 11:30 MSK will deliver a speech ECB board member Benoit Kerry.
  • At 15:30 MSK Canada is to publish a building permit in February. In the US there are initial applications for unemployment benefits.


Technical analysis:

Four trading days the euro / dollar traded sideways. It is worth noting that the ball is broken range last Friday.When the band breaks external bar the other day that after the pullback traders are beginning to work in the direction of the breakout. So I have until now adhere to the lateral movement and closing near the 1.1380 / 85.Daily indicators point to a weakening of the euro against the dollar.  

 

Analytics ALPARI

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