The situation in the United States remains the key driver of the market movement. In addition to the banking crisis, traders are also pricing in the macroeconomic reports, which are pointing to an inevitable recession. In the US, industrial production dropped by 0.2%, whereas economists had expected just a slower rise of 0.2%. What is more, the previous data was downwardly revised to 0.5% from 0.8%. This had a negative influence on the US dollar, which continued losing value. As a result, the pound sterling returned to the level recorded before the news about Credit Suisse. However, the issue is still unsettled, which is preventing the euro from recouping its losses. At the weekends, traders learnt that UBS was planning to purchase Credit Suisse. This somehow helped to stop the banking crisis. Since today the macroeconomic calendar is empty, traders will price in the news, thus boosting the euro. Notably, the euro will hardly outperform the pound sterling.On the trading chart, we see that the euro has almost recovered against the greenback after a slump on March 15. The support level is located at 1.0500, where we see a rise in the volume of long positions.Under the current conditions, the price consolidation above 1.0700 will boost the number of long positions. This, in turn, may change the market sentiment in favor of the euro. Notably, the quote has been hovering within the range of 1.0550/1.0700 for a month already. That is why the pair may resume trading within this range. Meanwhile, the pound sterling closed the previous week with a rise against the US dollar. As a result, the quote approached the local high of the upward cycle. This reflects the great interest in buy orders. It is quite possible that the price settlement above 1.2200 will allow traders to open more buy orders, thus pushing the price to 1.2300. If the price slides below 1.2100, it may decline to the psychological level of 1.2000.

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00:00 INTRO
00:18 US INDUSTRIAL PRODUCTION, Y/Y
00:42 QUOTES
00:55 UBS
01:18 EUR | USD
02:03 GBP | USD