Review of FOREX 17.04.08
the source:
http://blog.poltekfx.com/?p=74&forex=1
USD
Over the last trading day USD fell to one more level. The cause was a general uncertainty of investors in the American economy.
Yesterday's statistics were not very optimistic. The Consumer Price Index showed an increase by 0.3% and CPI ex food & energy increased by 0.2% during the month. Housing Starts declined once again, reaching all 947 thousand and Building Permits fell to 927 thousand.
The data show that the construction sector continues to slow down, while inflationary pressures are still remaining within acceptable ranges and can lower interest rate once again, but as most analysts expects we will see a surge of inflation soon.
Today in the USA block of statistics will be issued, but it will not have great significance. Some fluctuation in the currency market could be caused by Jobless Claims and Leading Indicator, but, as it is expected, the market will move under the effect of technical factors.
EUR
Yesterday EUR | USD broke 1.5850 resistance level, but strong resumption of growth has not happened yet, as the market has still uncertainty about the future direction of motion. On the one hand, the continuation of decline in the American economy increasingly convinces to lower the dollar. On the other hand, the statement about concern of G7 heads about relatively low dollar can cause a strong downward pressure at any time.
Nevertheless, the price has been able to be above the level of 1.5850, which now is a strong level of support, and from which it is recommended to open positions to buy the pair if correction continues.
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