The Euro rebounded against the dollar and could update the maximum
Wednesday, March 7, during the European trading session the us dollar showed mixed dynamics. He is trading on the downside to defensive assets (yen, franc and Euro), in addition to other currencies (canadian, Australian and new Zealand dollars, the pound).
The Euro being in an uptrend on the time period recovered to 1,2445. The Euro is in demand along with Japanese yen and Swiss franc after the resignation of Gary con from the post leading economic Advisor to Donald trump. He opposed the introduction of import duties on steel and aluminum.
With high 1,2445 Euro fell to 1,2398. Because of the departure from risk for a couple of pressured sales of Euro/yen and Euro/franc. Also in the spotlight is a press conference, Mario Draghi, which will be held on Thursday, 1.5 hours after the ECB meeting. I guess the regulator will refrain from sudden moves and rhetoric Draghi will be similar to the last press conference.
Later released reports on the US economy: data on ADP employment in the private sector and the trade balance. The Bank of Canada will announce its decision on interest rates.
At the time of writing the review, the Euro is worth $1,2408. My goal for the us session is 1.2387. There is the breakdown of the bullish trend on the time period, but right now we need activity, not yet published data for ADP. Ideally, see the weakening of the Euro against the dollar to 1,2375.
Most of the cross pairs with the Euro are trading in the green zone, so with the weakening dollar, the Euro quietly updates the maximum 1,2445. Crosses must be taken into account in their trade and not to ignore their direction.
The European statistics:
The index of Eurozone’s GDP for the fourth quarter amounted to 0.6% q/q, 2.7% y/y (forecast was 0.6% QoQ and 2.7% yoy, previous value was 0.6% q/q, 2.7% y/y).
The house price index in the UK, according to the company’s Halifax, 0.4% m/m, 1.8% y/y (forecast was 0.4% m/m, 1.6% yoy, previous value was -0,5% m/m, 2.2% y/y