Wednesday 27th March: ECB President Draghi speaks in Frankfurt today – euro in the spotlight.
A firm greenback across the board weighed on the single currency Tuesday, despite US consumer confidence reporting lower-than-expected numbers. The Conference Board Consumer Confidence Index declined in March, after increasing in February.
Tuesday 26th March: Greenback in the red as US Treasury yields extends downside.
Sentiment among German business leaders improved as the IFO Business Climate Index rose in March from 98.7 (seasonally adjusted) to 99.6 points.
Monday 25th March: Weekly technical outlook and review.
Sterling drew some comfort from the fact the EU granted an extension to the Article 50 negotiating period until April 12. In spite of an advancing dollar, the British pound retested 1.31 Friday as support and reclaimed 1.32+ status into the week’s end.
Friday 22nd March: Greenback regains Fed-induced losses; 96.50 potentially on the radar.
US dollar rebounded Thursday, reclaiming a large portion of Wednesday’s lost ground after the Federal Reserve jolted markets by abandoning all plans to raise interest rates this year.
Thursday 21st March: Sterling continues to be whipped around on Brexit headlines ahead of today’s BoE rate decision
The US Federal Reserve, as expected, kept interest rates unchanged at 2.25-2.50% Wednesday. The trajectory of rate hikes was also narrowed, with the central bank stating it will not hike interest rates this year amid a slowing economy.
Wednesday 20th March: FOMC takes centre stage; the central bank widely expected to keep policy unchanged.
Underpinned by a softer greenback, the EUR/USD extended gains for a third consecutive day Tuesday, up 0.13%. The buck is seemingly weaker on fears of a dovish Fed, with the central bank widely expected to keep policy unchanged today.
Tuesday 19th March: Sterling consolidates ahead of UK job’s data.
EUR/USD bulls went on the offensive Monday, extending Friday’s rally. Up 0.10%, the pair is closing in on a daily channel resistance etched from the high 1.1569.
Monday 18th March: Weekly technical outlook and review.
Following three stormy days, Thursday and Friday were somewhat calmer in comparison. Leaving 1.32 unchallenged Friday, the day concluded testing the underside of 1.33 after conquering March’s opening level at 1.3264.
Friday 15th March: US dollar turns higher breaking a four-day bearish phase
On more of a broader outlook, weekly price continues to reflect a bullish stance out of demand coming in at 1.1119-1.1295, eclipsing a large portion of the prior week’s losses.
