On the first day of the week trades were calm and moderate. Holidays in the U.S.A. and some other countries didn’t facilitate players’ activity. Due to low liquidity dollar had no such overwhelming advantage as on Friday and it strengthened only against European currencies.
Today the market is entirely in the power of US statistics. There will be a lot of various statistics. Durable goods orders are of the first importance. Probably, the market will pay more attention to the basic component, excluding transport, as it has been falling for five months in a row, though forecasts promised growth each time. The regular forecast for April isn’t an exception – analysts expect growth by 0.4 %.
Stabilization of this indicator will become a strong support for dollar. Houses sales in the primary market are second in importance. Housing market shows extremely unstable results – growth periods are followed by failures. This month we have already seen the similar thing with other indicators of housing market. Consumer Confidence Index claims to be ranked third. Last months it has interchanged ups and downs. The last result was decrease and if this regularity still exists, then it makes sense to expect some improvement of the indicator. Besides, there is also the overall business activity in service sphere and production activity of Richmond and Dallas. In general, predicting something about American statistics is like playing roulette now. Today’s data will show whether we can hope for improvement of US economic dynamics in the nearest future.
EURUSD pair has practically reached the aims, which we outlined in yesterday’s overview. Today we are going to close short position in the range 1.0900 – 1.0920, though we don’t exclude exit from the market at higher levels, if the pair tries to return above 1.1000. To aggressive traders we recommend considering pair’s purchase from 1.0860 – 1.0880, stop at 1.0790.
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