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FOMC Mins Effect on EURUSD

May 20, 2015 12:26 pm

EURUSD pair took a big tumble over the last few days after touching level of 1.1440 EURUSD pair is trading at 1.1084. Positive data from US housing market helped the US Dollar continue its short rally moving up to 95.42 weighing on other currencies.The ongoing conflict between Greece and its creditors is causing a delay in concluding the bailout program for Greece . The country needed to present fiscal and economic reforms in line with the Eurozone premiers’ expectations. This will save Greece from defaulting as it nears the expiration of the current bailout by the end of June 2015. This uncertainty  and positive US housing market data helped the EURUSD pair accelerating downward. All eyes are focused on upcoming FOMC mins, we expect mins explaining slow US growth in Q1, The consensus of a delay in the interest rate hike by the Federal Reserve will support the EURUSD pair moving upward might be touching again the level of 1.1400 keeping in view the present US economic growth “we expect the mins will be dovish and EURUSD pair will move upward for short term” 60 to 70 pips upward moment is expected. 

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