The main currency pair is moving under pressure on Thursday afternoon; the market is analyzing the USA FOMC Meeting Minutes.
On Thursday, the EUR/USD pair is being sold again after a short pause. The current quote for the instrument is 1.0550.
At first, investors were against the USD, because they had great expectations of the Minutes of the last FOMC meeting. However, the report didn’t live up to their expectations: it said that the rate would be revised “soon”, without any particular dates or periods of time. This absence of time and dates was enough for the market. In case there was any specific information about this, it would support the USD significantly, but in recent months the Fed didn’t provide such data.
In the meantime, the Existing Home Sales in the USA in January was the highest in the last ten years. The report probably “cushioned the effect” of the Minutes contents.
The statistics being published today is a bit mixed so far. In the afternoon, Germany published the GDP Growth Rate Final in the fourth quarter 2016. On QoQ, the indicator added 0.4%, the same as expected. However, on YoY, it expanded only by 1.2%, although it was expected to add 1.6%.
The GfK Consumer Confidence in Germany in March also didn’t impress a lot: the reading was 10.0 points after being 10.2 points in the previous month and against expectation of 10.3 points.
In the evening, the USA are going to publish a lot of reports. One should pay attention to the weekly Unemployment Claims and the December reading of the HPI.
RoboForex Analytical Department