empty
 
 
09.04.2019 11:12 AM
EURUSD: Euro growth will continue until tomorrow's ECB meeting

The euro strengthened slightly against the US dollar and went out of the trading range, breaking the level of 1.1250. However, in order to maintain further growth, new good fundamental data are required, indicating a revival of the European economy, or similar statements from the European Central Bank at tomorrow's meeting.

Yesterday, a report was released indicating that the pace of Germany's foreign trade in February of this year slowed significantly against the background of international trade conflicts.

According to the report of the Federal Bureau of Statistics of Germany, exports of goods in February decreased by 1.3% compared with January, while imports of goods to Germany in February decreased by 1.6%. Germany's foreign trade surplus amounted to 18.7 billion euros against 18.5 billion euros in January. Germany's current account surplus in February was 16.3 billion euros.

Given the lack of important fundamental statistics, the report on orders for manufacturing goods in the United States, which did not allow the US dollar to regain lost positions against the euro in the morning.

According to the US Department of Commerce, orders for manufactured goods in the United States in February 2019 decreased by 0.5% to $ 497.47 billion. The data completely coincided with economists' forecasts. Excluding transportation, production orders in February rose by 0.3%.

This image is no longer relevant

The US employment index report was ignored by the market. According to the Conference Board, the index of employment trends in the US for February was revised to 111.62 points from 111.15 points.

Yesterday, a number of statements were made by the US trade representative, who proposed to introduce duties on imports from the EU worth 11 billion dollars. He also noted that the list of fees may change, as much will depend on the WTO decision regarding subsidies for Airbus.

As for the current technical picture of the EURUSD pair, it is quite possible that the situation will not seriously change until tomorrow's ECB meeting. However, a break of 1.1290 euro resistance could maintain an upward trend in the pair, which will lead to a test of highs around 1.1325 and 1.1390. Buyers will protect the support level of 1.1240, but a breakthrough could lead to a larger sale of risky assets with a test of the lows of 1.1210 and 1.1150.

The Canadian dollar rose sharply against the US dollar after data that the growth of new home mortgages in Canada has seriously recovered in March this year. According to the report, bookmarks for new homes in March increased by 15.8% compared with February and amounted to 192,527 homes. Economists had expected 194,000 bookmarks in March.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback