This week the exchange market continues to stagnate. Daily ranges of dollar’s index are still limited. Separate currencies regain local data – yesterday it was Australian GDP, the day before it was Canadian GDP, there is no overall dynamics. In general, American statistics give no reasons for disappointment. Yesterday ADP data showed unexpectedly good results, though there is no direct correlation with the official report. Dollar bulls try to control the situation, and they largely succeed in it now. Dollar’s index is above 98.00, what allows bulls to retain hopes for further growth.
Today there is little that can change current dynamics of the exchange market. The Eurozone will publish final data on PMI business activity in service sphere and retail sales. Although retail sales can be expected to improve, taking into account the similar data on Germany at the beginning of the week, still, the market practically ignores the entire positive of Europe now. The U.S.A. will release ISM in service sphere and production orders today. American statistics still give positive signals, so, it is possible that this tendency will continue today. Despite expected slowdown in current tendencies of dollar’s growth, the market hasn’t formed any technical signals in favor of our expectations yet. Apparently, everything will be decided on the last day of the week after publication of US labor report.
Boring and heavy decrease continues in EURUSD pair. As before, pair’s purchase remains the most preferable for us now, still, we have to make amendments to our plan. Despite the fact that there is a constant demand for euro at new intraday minimums, rollbacks are limited, upper range 1.0870 – 1.0890 remains a strong resistance. There are risks that after such consolidation the level 1.0800 won’t be able to restrain bears under current movement dynamics. Therefore, we’ve decided not to hurry with the entry into the market, and await publication of labor report. Now we stay out of the market.
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