EURUSD continues falling slowly; investors are quite cautious in anticipation of the Fed meeting.
The major currency pair is looking very cautious and falling a little bit. The current quote for the instrument is 1.2070.
The statistics published by the USA earlier showed the Durable Goods Orders added only 0.5% m/m in March after losing 1.2% m/m in the previous month and against the expected growth by 2.5% m/m. The Core Durable Goods Orders added 1.6% m/m, the same as expected, after decreasing by 0.3% m/m over the same period of time.
The weakness of the former indicator may be caused by a further reduction of transport orders, that’s why after removing this aspect the statistics improved up to 1.6% m/m. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, went up 0.9%.
The two-day meeting of the US Federal Reserve System is opening later today and will be over by Wednesday night. The “greenback” is feeling some pressure in anticipation of the event because market players are waiting for the comments saying that the regulator’s stimulus programs will be extended. In general, the Fed is expected to stick to its standard policy and tone, which may change in favor of more optimism in June.
There won’t be any interesting statistics from the Euro Area today, while the USA is scheduled to report on the HPI for February and the Consumer Confidence from Conference Board for April.