After updating its monthly highs, EURUSD may continue growing.
The major currency pair has already grown pretty much and may yet continue its positive momentum. The current quota for the instrument is 1.1974.
Market players’ attitude to risk is now quite positive and that helps the European currency rise. Comments from the Fed chairman Jerome Powell, who spoke yesterday, said that the regulator would decrease the volume of government bonds purchase long before it decided to revise the benchmark rate. However, no particular dates were announced, and that put pressure on the “greenback”.
The Beige Book published yesterday showed that starting from late February the economic activity in the country boosted and consumer spending was slowly improving. The employment was also rising and that’s a very good signal. Tourism reports became more optimistic, which is rather unusual. Another thing that improved is car sales. According to the document, the economic outlook is now more optimistic thanks to, among other things, an aggressive anti-coronavirus vaccination campaign.
Today is a very important day from the perspective of macroeconomic statistics. The USA is planning to report on the Retail Sales, which may add 5.8% m/m in March after losing 3.0% m/m in the previous month. The Core Retail Sales may increase by 5.1% m/m and that would be a great result.
In addition to that, the USA is scheduled to publish the Industrial Production for March, which may expand by 2.7% m./m after losing 2.2% m/m in February.
As a result, March may turn out to be a very effective month as far as macroeconomic is concerned. Solid statistics will support the USD because stimulus packages implemented earlier are obviously doing a great job in helping the economy to recover.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.