For the exchange market this week has started inactively, even sleepy. There were practically no significant events, major players decided to take a pause. Under these conditions dollar increased slightly on fixation of short positions, even deceived expectations for houses sales in US secondary market, which were considerably below forecasts, couldn’t stop it. It was boring day without exciting events.
Today currency speculators have more opportunities to speed up the market. Main events are expected at European session. In the Eurozone a huge set of reports will be published – preliminary data on PMI business activity for March and IFO and ZEW reports. In general forecasts are quite good – figures of most indicators are expected to improve. It gives euro bulls chances to try one more testing of levels above 1.1300 and fix there. If this attempt fails, then prospects of euro’s further growth will worsen considerably. Speaking of today’s local data, British report on inflation is of most interest. Here forecasts are contradictory, pound’s reaction can be the same.
Yesterday our stop in EURUSD pair resisted, the position stays active. The aims above 1.1300, which we have already announced, are still relevant, though risks of another change of moods strengthened after previous day. We can only wait for further development of events.
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