The major currency pair recovered to its weekly highs; it is ready to continue growing.
EURUSD kept its positive momentum yesterday and may continue it today as well. The current quote for the instrument is 1.1227.
Today, the USA will start reporting on the labor market in April. The most interesting report is the ADP Non-Farm Employment Change, which is expected to show 181K after being 129K in March. This indicator has no direct correlation with the NFP, but it still shows overall market sentiments. As a rule, the American currency pays little attention to this report and this time won’t be an exception, because the hottest potato is the US Federal Reserve meeting.
The American regulator’s two-day meeting will be over today. The key rate will highly likely remain unchanged. However, there is an opinion that the Fed may provide some hints at a new program to support the American economy, an alternative to the Quantitative Easing, not exactly the same, but very similar. No one really knows what the regulator is going to say, but the rumors about this have been going round for several days.
Any hints at the regulator’s readiness to soften its monetary policy will influence the USD one way or another.