EUR/USD holds last session, heading toward a second week gain

Euro prices has struggled in a narrow trading band near the higher end during the Asian session reflecting its bounce from the lowest since 26th of June, 2017. Pointing out the rise of the ninth session in twelve sessions against the US dollar, on the eve of developments and economic data expected today, Friday, by the US economy, the largest economy in the world.

As of 04:41 GMT, EUR/USD rose by 0.03% to $1.1376, over the opening at $1.1373, recording a high at $1.1379 and a low at $1.1361.

The markets are looking for both the French economy, German economy and the economy of the region as a whole to reveal the preliminary reading of the Market Index for Industrial and Service Purchasing Managers for the current month, which may reflect an expansion of the service sector, a contraction of the industrial sector in France, a contraction of the industrial sector and a contraction of the service sector in Germany. Also a contraction of the industrial sector and shrinking service expansion in the economies of the region as a whole.

This comes in conjunction with the release of the seasonally adjusted current account index, which may reflect a widening surplus to €17.3 billion from €16.2 billion last December. Otherwise, we followed yesterday, the European Trade Commission, Cecilia Malmström, expressed Europe's displeasure with the United States as a security threat, adding that the global trading system and the reform of the World Trade Organization should be absent.

In another context, European Council President, Donald Tusk, also noted yesterday, that the request of British Prime Minister, Theresa May, to postpone the Brexit until the end of June, will only be approved if the British Parliament approved the exit agreement reached Between London and Brussels, explaining that the approval of the extension may take place if the ratification of the parliament occurred, which was rejected twice by a large majority.

On the other hand,investors expect the US economy to release the preliminary reading of the PMI index for March, amid expectations of the expansion of the industrial sector to 53.5 compared to 53.0 in February, and a shrink in service sector to 55.7 versus 53.0 in February.

To the release of housing market data with the existing home sales index, which may reflect a rise of 3.2% to 5.10 million against a decline of 1.2% at 4.94 million in January, in conjunction with the final reading of the index of wholesale , which may show a slowdown in growth at 0.2% versus 1.1% in the January preliminary reading as well as the previous December reading.

This comes after the Federal Open Market Committee's meeting during the March 19-20 meeting to keep interest rates between 2.25% and 2.50% and move forward in cuts in Bonds re-purchases  until next September. With the Commission reducing its forecast for growth and raising its expectations for unemployment rates and declining expectations of raising interest rates during the current year, amid the preservation of its expectations to be raised once during the next year 2020.