Community Forecasts January 11 - 15 January: EUR/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 12 Jan 2016 17:07:12 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
The Euro started the previous week in the mid of 1.09 level against the Greenback, mainly due to the raft of fresh data from the Euro zone region, but was not able to preserve gains and went down in the middle of the week. On Wednesday, the announced US labor market data was above estimates and pushed the Dollar higher. The ADP employment report showed that the US economy created 257,000 jobs, compared to 217,000 in November. Moreover, in the same day, the world's major currency pair, started to accelerate, after the Federal Reserve minutes revealed the details of the December 15-16 Federal Open Market Committee meeting, where Fed governors decided to elevate the key interest rate by 0.25% for the first time in nine years. The next day, the single European currency extended its morning rally, driven primarily by the risk aversion coming from China. The volatility proved to be extreme, thus the pair managed to erase previous losses, pushing above the important $1.08 mark. Meanwhile, the US jobless claims had little impact on the pair, falling to 277,000 during the week of January 2.
In a week time, sentiment on the EUR/USD changed marginally, as now 55% of traders predict the Euro to gain in value, compared to the previous week's 44% of votes. Among important fundamentals, on Thursday, the European Central Bank is to publish the minutes of its December monetary policy meeting, while the US is to produce data on initial jobless claims. Also, the US is going to round up the week with reports on retail sales, industrial production and producer price inflation.

© Dukascopy Bank SA

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