Community Forecasts for February 15-19: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The beginning of the preceding trading week was marked by weak start of the Euro at 1.11 level, despite lack of major economic announcements. However, later in the day, the single European currency posted an increase  during a data-light session characterized by the severe anxiety on financial markets, induced by global growth concerns along with fragile crude oil prices floating once again around $30 per barrel. The dollar continued to struggle against single European currency on Thursday as risk-averse sentiment forced investors to seek out safe havens. US jobless claims number provided a support to the Greenback, since number of people who applied for unemployment benefits dropped to 269.000. Nevertheless, the Greenback still was trading lower mainly due to the Federal Reserve Chairwoman Janet Yellen's mixed messages. During the meeting, Janet Yallen outlined that the bank will continue to monitor tightening financial conditions, which puts into the question the prospect of the possible Fed rate hikes in 2016. Meanwhile, on Friday, the Euro slightly decreased and kept Friday's losses, as traders took on an optimistic outlook following the resale of solid American retail numbers along with other US data. American retail sales rose 0.2% in January, while the core gauge, in turn, also improved to 0.6% from -0.3%.
On a weekly basis, the sentiment on this currency managed to post some changes, as now 64% of traders predict the Euro to advance. Among important news, the UK is going to release producer price index as well as consumer price index on Tuesday, while the next day, unemployment rate will be released. Also, traders could pay attention to the European Central Bank's monetary policy meeting on Thursday. From the American side, traders could pay attention to the consumer price index.

© Dukascopy Bank SA
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