Community Forecasts for March 2-6: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro started the previous week on the rather hopeful note at 1.1346 level, but lost as much as 100 pips by the end of it. On Monday, German business confidence for February improved to the highest level in seven months. The IFO Institute's measure of business climate rose to 106.8 points, beating the previous month's 106.7. Also, investors remained cautious after Greece reached a deal with its lenders to extend the bailout by four months. On Wednesday, since the Federal Reserve Chair Janet Yellen appeared to indicate that the bank is in no hurry to raise interest rates, the Greenback showed a slight decline against major currencies. However, the next day the Dollar soared more than 1% to a three-week high, following the release of a flurry economic data, while US durable goods orders rose seasonally adjusted 2.8% in January. During the same day, economic sentiment in the Euro zone posted a seven-month increase in February, but this data did not manage to support the Euro. By the end of the week, despite the fact the US economy grew less-than-expected in the last quarter of 2014 and rather positive French and Spanish data, the single European currency did not rebound and closed the week at the 1.1210 level on Friday.
During February 23-27 time period the Dukascopy Community members assume this currency pair will slump further, since more than 53% of all votes are bearish. As predicted by traders, the EUR/USD may close around 1.1321 level this Friday. Concerning important news from the Euro area, market participants can pay attention to the revised data on service sector output, as well as on the report on retail sales on Wednesday. The ECB is also to announce its monetary policy decision a day after. The US, in turn, is to round up the week with the report on non-farm payrolls.

© Dukascopy Bank SA
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