The Euro is slowly growing. Overview for 27.04.2017

27.04.2017

The European Central Bank didn’t change the rate; the main currency pair is trading upwards a little bit.

On Thursday, the EUR/USD pair is moving to the upside slowly. The current quote for the instrument is 1.0928.

Today, the ECB left the main parameters of its monetary policy unchanged. The interest rate is still 0%, just as expected. Both the deposit rate and the lending rate were also left steady at -0.4%. Later this evening, Mario Draghi, the President of the European Central Bank, is going to give a press conference, which is attracting a lot of attention.

This week, there were rumors that the ECB might close the QE program in June, because the inflation had already reached the target. The regulator itself mentioned earlier that the growth of main macroeconomic parameters was based on the QE program, and without the program, improvements were very insignificant. However, it doesn’t stop market optimists.

So, the most important thing, which investors are waiting to hear from Draghi tonight, is what exactly the ECB is going to do next.

The USA have just started publishing their statistical reports. The Core Durable Goods Orders lost 0.2% m/m in March (the previous reading was +0.5% m/m), although it was expected to expand by 0.4% m/m. At the same time, the Durable Goods Orders added 0.7% m/m against expectations of 1.5% m/m. The February reading was +1.8% m/m.

Another report, the Prelim Wholesale Inventories, was also worse than expected. It appears that the statistics can’t provide support to the USD. And if Draghi says something to support the Euro, the main currency pair may update its six months’ highs.

 

RoboForex Analytical Department

 

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.