An important event is expected in the Forex market | IFCM Hong Kong
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An important event is expected in the Forex market

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Good day, dear traders. Let us review the major economic events of the past week. Last week the US dollar continued to advance. It was mainly bolstered by the euro sell off as the ECB started printing money. No important statistics were reported last week. Recall that starting in March the European Central Bank launched a 60 billion euros monthly bond-buying program. At the beginning of the week the US dollar was rising without any significant US macroeconomic data. On Thursday it dropped as Retail Sales in February were reported unexpectedly weak, and as a result of the technical price rebound from 100 point-level. Investors decided that this information might postpone the Fed rate hike. Note that US Retail Sales decline for three consecutive months, for the first time since 2012. As employment rate is growing, it is hard to explain this trend: there are different versions. The US currency strengthening resumed on Friday, meanwhile the euro hit a new low again.
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An important event is expected this week in the Forex market: the Fed meeting. The Fed Chair Janet Yellen will speak at the final press conference on Wednesday. Market participants expect to receive information about the rate hike timing. Most of them now expect it to happen in June 2015. US Unemployment Claims, Philly Fed Manufacturing Index and Leading Index will be released on Thursday. The outlook is neutral. There will be no significant macroeconomic data reported in the US on Friday. Trade Balance in January will be published in the euro zone on Wednesday. According to our analysts’ opinion, its forecast is negative. No more important economic reports affecting the euro will be released this week.
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On Wednesday morning, the Bank of England will publish data which may affect the pound. It has been weakening against the dollar for two straight weeks on the talks about a possible leaving of the EU by the UK, in case the Conservative Party wins the parliamentary elections on the 7-th of May. Among other currency pairs, a similar trend is demonstrated by the Aussie. Its fluctuations might be influenced by the Reserve Bank of Australia meeting minutes, which will be reported on Tuesday. This was all for the week, thank you and see you next week.

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