May 14th, EURUSD is recovering amid general weakening of the dollar

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On Thursday, May 13, at the end of the day, the EUR/USD pair increased by 0.09% to 1.2078. The price traded during the day in the range of 1.2051-1.2106. American statistics were unable to push the price out of the range, although the yield on 10-year Treasuries fell to 1.649%. The dollar began to sell since the opening of the Asian session on Friday.

US Federal Reserve Vice Chairman Richard Clarida said Wednesday that weak job growth and strong inflation in April did not change the central bank's plan to maintain loose monetary policy. Other members of the FOMC are talking about this as well.

Scheduled statistics (GMT +3):

14:30, the eurozone will release the ECB's report from the monetary policy meeting.
15:30, Canada will announce a change in manufacturing shipments and wholesale trade for March. The US is to publish data on changes in the volume of retail sales for April.
16:15, the US will announce a change in industrial production for April.
17:00, the US is to release the Reuters/Michigan Consumer Sentiment Index for May.
20:00 Baker Hughes will publish data on the number of active oil rigs.

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Current situation:

Major currencies are trading in positive territory against the US dollar. The leaders of growth are the franc and the euro. At the time of this writing, the euro is worth 1.2107. From the low of 1.2051, the price recovered to the 45th degree (2). Buyers passed the trend line quite easily (3). The support zone (4) has survived. The road to the level 1.2133 (1) has opened for buyers.

From the news, it is worth highlighting the ECB's report from the meeting on monetary policy. If it contains hints of a reduction in bond buyback programs, it will have a negative impact on the EUR/USD pair. Record the time on your calendar so you don't go to the market before publishing.

Considering that all the crosses are on the buyers' side, one can look at the level of 1.2190 with one eye.

Summary: the morning started with strengthening for the single currency. Buyers have won back losses for Thursday and today, after renewing the maximum of 1.2106, are set to continue to rise to the level of 1.2133. With an increase in the main crosses against the euro (EUR/GBP, EUR/JPY, EUR/CHF) and a correction in the dollar, we can expect the strengthening of the single currency against the dollar to 1.2190.

Posted Using LeoFinance Beta



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