This week has started with one more attempt of dollar’s correction. On the threshold of FOMC session some players decided to start profit fixation. Once again, American statistics showed mixed data, having failed to reach forecasts. The situation in the exchange market has again become unclear about further movement direction, yesterday’s rollback of dollar can appear to be a prelude for entering the correction phase, which may be more stable in contrast to previous attempts.
Today publication of ZEW Index of moods in business environment will be one of the main topics. Although with stops, but moods have improved in the Eurozone for last months. It doesn’t support euro considerably, pair’s growth is short-term after their publication. The same can be expected today. Good ZEW will allow euro to widen correction range, but no more than that. At American session the data on US housing market will be published – laying of new houses and building permits. American statistics are very uneven, only labor market shows clear improvement. Still, there is no stability in other regions either. Under these conditions differences between conducting monetary policy by the Fed and by other leading world regulators play a key role.
We have a desire to buy euro. Risks are great, stops are to be set far. To aggressive traders we offer considering pair’s purchase from 1.0520 – 1.0530, stop is at 1.0380, initial aim is at 1.0600 – 1.0610. In case of a pair growth of more than 30 points from the entry point, rearrange stop at the entry point.
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