Community Forecasts for March 7 - 11: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the previous trading week, the single European currency generally outperformed the Dollar, as the pair was pushed up on negative statistical data from the largest global economy. At the same time, the beginning of the observed period was marked by weak performance of the Euro, heading for the third consecutive red session as the pair declined after seeing the US factories data in February, namely the more important ISM manufacturing. The US ISM manufacturing moved towards the expansion area, reaching 49.5 points in February, showing an improvement from 48.2 seen previously. In Europe, in turn, the jobless rate marginally declined to 10.3%, from 10.4% booked previously, while German unemployment rate remained unchanged at 6.2% in February, staying at the record low level. Meanwhile, the euro has been slowly rising on Thursday and was spotted at daily highs around 1.0923 level during the US session, mostly ignoring European data. The US session brought disappointing jobless claims, reaching 278,000 new people applying for unemployment aid in the week ending February 27. Later in the session, the services PMI, published by Markit, showed third month of deceleration, reaching 49.7 point. On Friday, the payrolls print came out very positive, however, due to negative wage growth, further US dollar strengthening seemed unlikely and pair erased all previous gains of the greenback. Eventually, the euro was trading stronger, having breached some resistances as rumors about a split ECB sent the shared currency higher. 
In a week time, the sentiment on this currency pair changed significantly, as now 76% of traders predict the Euro to rise in value. Among important news, on Thursday, the ECB is to announce its monetary policy decision. The rate announcement will be followed by a post-policy meeting press conference with President Mario Draghi.

© Dukascopy Bank SA
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