Yesterday’s data from the Federal Open Market Committee (FOMC) did not affect market volatilitysignificantly. FOMC did not change the basic assumptions of the monetary policy, and reiterated earlier statements regarding interest rates and the QE3 program.
Currently the EUR/USD rate is around 1.2940. Today’s session will be held under a Purchasing Managers Index (PMI) index reading. Looking at the EUR USD, we should also pay attention to the reading of data from the United States concerning initial jobless claims, existing home sales and the Philly Fed Manufacturing Index.
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Since the beginning of the week, it has been hard to determine the next direction of the EUR/USD. The lowest level this year (1.2844) was noted at the session on March 19. Reflection on this level resulted in short-term growth.
The most likely scenario at the moment will be the closing of the weekend gap. The balance between buyers and sellers which has lasted since the beginning of the week does not give strong signals on such a move. If the gap is not going to be closed, sellers can hope to break the support level zone at 1.2870 to 1.2900 again.
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EUR/USD Pretty Neutral After US Data
Published 03/21/2013, 07:40 AM
Updated 01/31/2022, 02:45 AM
EUR/USD Pretty Neutral After US Data
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