Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Evergreen buck is intact ahead of major data
On Friday, the evergreen buck stood still in Asia as financial markets wait for the upcoming non-farm payroll as well as job data for April.
Estimating the purchasing potential of the evergreen buck against its primary peers the USD index was intact, showing 97.586.
As the Commerce Department told, in March, factory goods orders went up by up to 1.9% year on year, confounding experts’ expectations for a 1% leap.
On Thursday, the US Department of Labor informed that initial jobless claims were still intact at 230,000, missing hopes for a dive of 10,000.
An everlasting ascend in American government bond gains was cited as supportive for the evergreen buck earlier in the day right after Fed Chair Jerome Powell confounded expectations for a rate cut yesterday.
At his regular press conference, Fed Chair Jerome Powell told that Fed policymakers don’t see a firm case for moving in any direction, pointing that the major US bank is assured that the weakness of inflation as well as private demand in the first quarter is going to be temporary.
Besides this, the currency pairs AUD/USD and NZD/USD both rallied by about 0.1%. Eventually, the Reserve Bank of Australia is going to hold a policy gathering on May 7. Meanwhile, the Reserve Bank of New Zealand is going to take place a day after. Some experts are assured that the two major financial institutions might have rates cut after recently below-forecast inflation reports.
The currency pair GBP/USD was nearly intact after the Bank of England decided to leave the benchmark rate on hold at 0.75%.
The European central bank will publish the main refinancing rate and make a statement on Thursday, July 16, at 14:45 MT time. Also, the ECB’s press conference will be later at 15:30 MT time.
Optimism about the Moderna vaccine improved the market sentiment. Let’s have a closer look, what’s happening today.
The Canadian central bank will announce interest rates and make a speech on Wednesday, July 15, at 17:00 MT time. Also, the BOC press conference will be later at 18:15 MT time.