Community Forecasts for May 18-22: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded currency pair on the foreign exchange market was mostly unchanged during the previous week and continue to regain its value. On Monday, the Dollar was broadly higher, due to upbeat Friday's US employment data, while the Euro was deteriorated by fresh concerns over Greece's future in the Euro Zone, weighed ahead of talks between Euro group finance ministers and Athens. Moreover, the Euro pared gains versus the Dollar on Wednesday, after data showed the Euro Zone's economy expanded at a slower rate than anticipated in the first quarter and since the industrial production fell unexpectedly in March. The Eurozone GDP grew at an annualized pace of 1.6% in the first quarter, below forecasts, but posting the highest rate of growth in two years. However, the next day, the Greenback was hovering at four-month lows, due to the low US retail sales which were unchanged, compared to expectations for a 0.2% increase. Core retail sales, in turn, grew just 0.1%, undershooting predictions for a 0.5% rise. Meanwhile, these data underlined expectations, that the Fed will delay hiking rates until later in the year. By the end of the week, the single European currency resumed a steady climb, extending its winning streak to a fourth consecutive session, as the Dollar stumbled, following another batch of soft economic data.  As a result, the pair closed the week on the 1.1448 mark.
Dukascopy traders, however, were undecided on pair's perspectives, as bullish and bearish votes were divided equally. Among important news, the Euro Zone is going to publish data on private sector activity on Thursday, while later in the same day the ECB will release its meeting minutes.  From the American side, reports on consumer inflation  will be released on Friday.

© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.