Community Forecasts for May 9 - 13: EUR/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 10 May 2016 16:11:13 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
The Euro started the previous week in the middle of the 1.15 level against the Greenback, but was not able to sustain momentum and lost as much as 1%, closing the trading week at 1.14, against traders' expectations of 1.16. Nevertheless, at the beginning of the week, prolonged US dollar weakness pushed the pair to its highest level since August 2015. However, on Thursday, the single European currency dropped harshly from its record highs, despite Wednesday's disappointing labor market data which did not manage to put the Greenback under the pressure. The ADP report showed that 156,000 new jobs were created in the US private sector in the previous month, following a revised 194,000 in march. Overall, the Euro ended Friday's session rather flat despite a soft US monthly jobs report that pushed back market expectations for the Federal Reserve's next interest rate beyond the first half of 2016. Overall, the currency pair traded in a broad range between 1.13 and 1.15, before settling at 1.1404 on Friday. 
The Dukascopy traders consensus forecast for EUR/USD stands at 1.135, up from 1.12 at the moment of writing, while the sentiment is fully obtained by bears, despite previous week's results, when traders' forecasts divided almost equally. Concerning important economic announcements, the US is to publish the weekly report on initial jobless claims on Thursday and is expected to round up the week with data on retail sales, producer prices and consumer sentiment. From the European side, a revised estimate of first quarter economic growth is highly awaited and due to be released on Friday. 

© Dukascopy Bank SA

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