The USD remains weak. Overview for 07.03.2018

The main currency pair is intended to rise; news from the USA is against the Dollar.

On Wednesday morning, EURUSD is trying to consolidate, but investors are still in favor of buying. The current quote for the instrument is 1.2420 as it moved quite far away from 1.2153, the low it reached on March 1^st.

EURUSD is rising not because the Euro is so good, but because the USD is weak. Some of the news published yesterday were not in favor of the American currency. For example, Gary Cohn, the chief economic advisor to Donald Trump, resigned from his positions. There are a lot of speculations on the market why he did it. One of them, which is considered as the most truthful, says that Cohn might have attempted to talk Trump out of introducing import duty for steel and aluminum and even scheduled a meeting with manufacturers, but it didn’t take place. If this is the real reason of Cohn’s resignation, the USD will remain under pressure for a while.

There will be enough macroeconomic statistics in today’s calendar. In the afternoon, one should pay attention to the Revised GDP report from the Euro Area. In the evening, the USA will report on the ADP Non-Farm Employment Change in February, which is the first report relating to the US labor market. Later, the USA is scheduled to publish the Beige Book and the Consumer Credit. In other words, EURUSD may have a very active and volatile evening, if the numbers are interesting to investors.

RoboForex Analytical Department