The American currency continues to trade in different directions relative to leading currencies. Thus, the yen paired with theUS dollar fell in price to a 34-year low, and in pairs with European and commodity currencies we are seeing a corrective pullback in USD. Whether the main trends will continue, or whether it is worth preparing for a deeper corrective rollback, will be determined by the coming trading sessions:
- Today at 12.00 (GMT +3:00) inflation data in the eurozone for April will be published
- Today at 17.00 (GMT +3:00) the US consumer confidence index from CB will be released
- Tomorrow at 21.00 (GMT +3:00) a meeting of the Federal Reserve is scheduled, at which the base interest rate on the dollar and the regulator’s further plans for monetary policy will be announced
EUR/USD
The single European currency has been holding above the key range of 1.0700-1.0600 for the third week. Technical analysis for EUR/USD indicates the possibility of working out a piercing line combination on the weekly timeframe, which could lead to a test of 1.0900-1.0840. A price move below 1.0600 may contribute to updating last year’s low at 1.0450.
In addition to the already mentioned news, today at 13.00 (GMT +3:00) it is worth paying attention to the speech of the Vice President of the German Federal Bank Claudia Maria Buch.
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