Here is some general information. The euro is the single currency of 19 European countries that often differ from each other.
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The US dollar is the reserve currency of the world. When there is no excessive speculation, this influx pushes the common currency higher. However, the euro area has its share of economic and political issues. The euro debt crisis engulfed Greece , Portugal, Ireland, Italy, and Spain.
While the worst may be behind us, it is always looming. Thanks to the leadership of the European Central Bank and President Mario Draghi, the project survived.
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On the other hand, the ECB will probably end the massive bond-buying scheme. In April, they will reduce the volume from 80 to 60 billion euros. The ECB has pushed the euro higher with the hawkish tilt. The dollar previously enjoyed hopes for fiscal stimulus from the Trump administration. Also, the upbeat sentiment from the Federal Reserve also underpinned the dollar.
Has the trend changed? The second round of the French Parliamentary elections and PMIs stand out. French President Macron is en route to an absolute majority in the French Parliament, enabling him to enact reforms.
The euro-zone saw a better than expected rise in employment, but the German ZEW business sentiment disappointed and dropped. In the US, the Fed not only raised rates but disregarded lower inflation , expressing confidence that was also seen in the US dollar.
It then made an attempt to break 1. The round number of 1. The swing high of 1. The Fed is more hawkish than previously thought and that comes after Draghi cast doubts about inflation.
The better political environemnt in Europe and the strong growth provide support to the pair, and it can continue holding the high range. Follow us on Sticher or iTunes. Does it have more…. PMI and GDP data stand…. Is there more to come? Forex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex.EUR/USD Forecast for the week of February 27 2017, Technical Analysis
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