USD stabilized and returned to growth

Noam Stiekema

The USD stabilized in the beginning of the new weekly trading session. The currency record minimum rise during the Asian session, trying to stabilize performance, volatile after a few days of the week. The comments of the Federal Reserve on Wednesday raised doubts about the timing of a rise in interest rates in the US, […]

USD tradeThe USD stabilized in the beginning of the new weekly trading session. The currency record minimum rise during the Asian session, trying to stabilize performance, volatile after a few days of the week. The comments of the Federal Reserve on Wednesday raised doubts about the timing of a rise in interest rates in the US, and this news was adopted contradictory investors. The high volatility in the markets of the last three sessions due to comments by the US Federal Reserve that the strong appreciation of the dollar impacted negatively on the economy. During his press conference, Janet Yellen said that growth in the country’s exports has declined, and the main reason for this is expensive dollar. With comments like this Yellen showed that the position of Fed amended and central bankers will now comply with a wide range of factors in its decision on interest rates.

The eyes of the market will be focused on today’s announcement of the ECB President Mario Draghi to the European Parliamentary Commission on Greece and progress in quantitative easing program. Another important event of the day will be associated with the visit of the Greek Prime Minister Alexis Tsipras in Germany, where he will meet with Angela Merkel. On Friday, Merkel said that Greece will receive fresh money to deal with the monetary crisis after creditors approve the detailed list of reforms that were promised, but so far not provided by Athens.

In recent weeks, officials from Brussels, Berlin and the ECB openly acknowledged the risk of Greece leaving the Eurozone. For this reason, today’s meeting between Merkel and Tsipras will be monitored closely for signs of consolidation or separation of the positions of both sides.

One EUR is exchanged for 1.0800 USD after earlier peaked at 1.0885. The EUR gained a foothold on Friday, bringing started on 15th March 2015 correction. In continuation of the rise of the European currency, we can expect testing of the output trend line, built on the tops since December 16. The next important level in the EUR on the way up is about the psychological 1.1000. On the other hand, the nearest support for the pair is around 1.0650.

High volatility in the pair USD/GBP remains. In the early hours of trading, the GBP made consecutive unsuccessful attempt to climb above key resistance at 1.5000. The advantage returned to the country of the USD and the price target to support at 1.4845 where 23.6% Fibonacci retracement. When switching to this level, we can expect a continuation of the downward movement and a new attempt to reach the bottom of 18th March at 1.4632.

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