The International Monetary Fund announced Wednesday that it would contribute 1.04 billion euros over three years to Cyprus’ 10 billion-euro rescue plan. Amid the news the euro got the momentum.
US ADP Non-Farm Employment Change in March was 158K vs. forecast for 203K, data on February is revised upwardly from 198K to 237K, which is rather positive. US ISM Non-Manufacturing in March dropped from 56 in February to 54.4, the forecast was 55.9. As a result Nonfarm Payrolls may be lower than forecast for 200K, approximately 160K. DJIA was down 0.76%, S&P 500 fell 1.03%. The euro is in inverse correlation to the stock indices and strengthened 30 points. On the whole, the euro has been growing for the last 5 days along with the stock market and the yesterday’s growth was the result of the euro’s oversold condition.
Today data on Services PMI in March in Spain, Italy, and the eurozone is revealed. It is forecast to be 44.3 vs. 44.7 in Spain, 43.4 vs. 43.6 in Italy, and 46.5 is final estimate for the eurozone, however it may be lower. At 15:45 GMT+4 ECB Interest Rate Announcement is scheduled. At 16:30 GMT+4 ECB president Mario Draghi speaks. There are fears on the market that due to inflation slows, Draghi may allude to the decision to reduce the rate. If there is no hint, than it will be a good sign.
At 18:30 GMT+4 Federal Reserve chairman Ben S. Bernanke speaks.
Technically, there are conditions for the growth; on the H4 the price reversed above the indicator lines, Marlin oscillator preserved position higher the zero level, on the daily chart it is about to move to the positive area. Nevertheless, the high of April 2 (1.2877) is rather strong and the continuation of growth can be expected after it is tested, in this particular case the targets 1.2896 and 1.2921, with perspective to 1.2965 and 1.2995. If the rate consolidates under 1.2827 (under the indicator lines) the targets 1.2790 (yesterday’s low), 1.2771, and 1.2750 open.
The material has been provided by InstaForex Company – www.instaforex.com
The International Monetary Fund announced Wednesday that it would contribute 1.04 billion euros over three years to Cyprus’ 10 billion-euro rescue plan. Amid the news the euro got the momentum.
US ADP Non-Farm Employment Change in March was 158K vs. forecast for 203K, data on February is revised upwardly from 198K to 237K, which is rather positive. US ISM Non-Manufacturing in March dropped from 56 in February to 54.4, the forecast was 55.9. As a result Nonfarm Payrolls may be lower than forecast for 200K, approximately 160K. DJIA was down 0.76%, S&P 500 fell 1.03%. The euro is in inverse correlation to the stock indices and strengthened 30 points. On the whole, the euro has been growing for the last 5 days along with the stock market and the yesterday’s growth was the result of the euro’s oversold condition.
Today data on Services PMI in March in Spain, Italy, and the eurozone is revealed. It is forecast to be 44.3 vs. 44.7 in Spain, 43.4 vs. 43.6 in Italy, and 46.5 is final estimate for the eurozone, however it may be lower. At 15:45 GMT+4 ECB Interest Rate Announcement is scheduled. At 16:30 GMT+4 ECB president Mario Draghi speaks. There are fears on the market that due to inflation slows, Draghi may allude to the decision to reduce the rate. If there is no hint, than it will be a good sign.
At 18:30 GMT+4 Federal Reserve chairman Ben S. Bernanke speaks.
Technically, there are conditions for the growth; on the H4 the price reversed above the indicator lines, Marlin oscillator preserved position higher the zero level, on the daily chart it is about to move to the positive area. Nevertheless, the high of April 2 (1.2877) is rather strong and the continuation of growth can be expected after it is tested, in this particular case the targets 1.2896 and 1.2921, with perspective to 1.2965 and 1.2995. If the rate consolidates under 1.2827 (under the indicator lines) the targets 1.2790 (yesterday’s low), 1.2771, and 1.2750 open.
The material has been provided by InstaForex Company – www.instaforex.com
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