USA: good, but could be better

By GG Analyst in Reviews 0 Comment

EUR/USD

The upward revision of Manufacturing PMI in the European countries, which happened on Monday, raised the expectations connected with the services sector. For this reason, the disappointment with the downward revision for Germany and the euro zone in general was particularly strong. The Spanish and Italian Services PMIs (there were no preliminary data for these countries) didn’t surprise either. The Italian indicator (45.8 in June) has been declining for two months in a row, pointing at a speedier recession in the sector, and the recession itself (figures < 50) has been lasting already for two years. In Spain the situation is more…

EUR is expecting the Fed’s decision around the local highs

By GG Analyst in Reviews 0 Comment

EUR/USD

The consolidation of EURUSD yesterday eventually ended in with the break through the upper limit of the range, which led the pair to the daily high at 1.3381. Despite the fact that it is a really impressive scale for the move without reason, the bears immediately took it as an opportunity to sell the euro at a higher price. From the end of the New York session till the end of the Asian one the single currency was gradually depreciating. Now the rates are at 1.3350, which can become a good level of support. In the meantime, the market remains sluggish more…

Forex is consolidating before important events

By GG Analyst in Reviews 0 Comment

EUR/USD

USD failed to carry out a full-fledged correction at the end of the last week. EURUSD was fluctuating within the narrowing triangle.  An upward touch occurred at 1.3292 last Friday. At the beginning of the Asian session the pair rose to 1.3356 for a while, but then again retraced to the centre of the range. The main event of the week is the Fed’s monetary policy decision, scheduled for Wednesday evening. It’s quite possible that while there are no drivers Forex will continue consolidating at the achieved levels. Before the Fed’s decision the market can be spurred only by the ZEW more…

EUR broke through 1.33

By GG Analyst in Reviews 0 Comment

EUR/USD

Yesterday we once again observed dissonance among the markets. The dollar and stock exchanges were falling at the same time. Each move can be explained, but it’s not very often that you see risk-aversion and purchasing of the European currencies together. The recent dynamics is the reverse of the preceding moves, when against the positive news from the USA the country’s domestic assets were in demand and it was also clear that the Fed was more likely to toughen its policy than the ECB. Last week we got visual evidence that those considerations were a bit exaggerated. The US economy is more…

USD is retreating

By GG Analyst in Reviews 0 Comment

EUR/USD

Just as we supposed in our yesterday’s review, the US employment statistics, being close to the market expectations, haven’t produced any influence on the recent trends. In other words, after a short consolidation the dollar has resumed retreating. At the beginning of the EU session today there was another attempt to attack 1.33, but it was repulsed at 1.3290. Already now the pair is trading in the area of its local highs. The latter in their turn are taking us closer to the levels observed last February. The pair’s performance since the end of April has been diametrically opposite to what more…