During
the past days the euro crossed the borderline, failing to keep gains and the positive
sentiment disappeared. EUR/USD stepped back from the six month highs and in the
near future it seems that bears are coming back.
The cradle of macro news in Europe will be rocked on Tuesday with the euro zone's current account for February and the ZEW report for April.The figure that might cause much stronger volatility is Mario Draghi, who will speak on Thursday’s ECB meeting. PMIs for April will be presented on Friday.
US
macroeconomic agenda has not much to show next week. On Monday evening NY Fed
president will speak about trans-Atlantic divergence. Housing starts
and building permits for March data will be due on Tuesday. On Thursday will be
reported data on jobless claims and Philadelphia Fed manufacturing and major indicators. I guess
not enough significance to turn on the US dollar.
Within the past week the US dollar showed up with a mighty vision as the pair stirred out from the consolidation zone located between 1.1330 and 1.1440.
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