Community Forecasts for May 16 - 20: EUR/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 17 May 2016 11:53:51 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
EUR/USD pair was trading on a calm note with a steep jump in the middle of the week and sharp drop by the end of the observed period. At the beginning, the pair was rather calm but on Wednesday, the single European currency managed to advance, mostly, due to the Greenback weaknesses which lost momentum, retreating form a two-week highs. On Friday, huge amount of economic data initiated impressive pair's movements. Despite the rather weak data from the European side the Euro was able to stage a little comeback. According to the latest Eurostat release, the Euro zone's GDP for the first quarter of 2016 ticked lower to 0.5% from 0.6% booked in the first estimate but on an annualized basis, the Eurozone grew 1.5% amid heavy monetary support from the ECB. Meanwhile, both numbers failed to meet analysts' expectations. However, surprisingly upbeat retail sales lifted the pair down. Retail sales rebounded in April, rising 1.3% and showing their biggest increase in a year. Moreover, soft March sales figures were revised higher to -0.3% from -0.4%. As the result, pair close the week on a 1.13 level.
This week the pair is likely to fluctuate around 1.12-
mark ahead of the revised data on EU consumer inflation release on Wednesday. From the American side, traders could pay attention to the initial jobless claims and manufacturing activity in the Philadelphia region announcement on Thursday. According to Dukascopy Community members Sentiment across respondents is purely bearish and that the percentage of accurate forecasts is below 30%.

© Dukascopy Bank SA

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