EUR/USD rises in 5 sessions, heading to longest daily gain in 4 months

Economies.com
2019-03-21 04:58AM UTC

Euro fluctuated higher during the Asian session to see its ninth session rebound on 11-session from its lowest since June 26th 2017, against US dollar, in anticipation of the EU economic summit in Brussels and The developments and economic data release today by the US economy.

 

At 04:55 GMT, EUR/USD rose 0.11% to 1.1425, compared to the opening at 1.1413, which is pair's lowest during the session, while the pair reached a high of 1.1438.

 

Investors are currently waiting for the US economy to announce its read of the Jobless Claims for the week ending March 16th, which may show a decrease of 3K to 226K versus 229K, while the same reading for the week ending in March 9th, was down by 8 thousand applications to 1,768 thousand applications against 1,776 thousand applications.

 

This comes in conjunction with the release of the Philadelphia Industrial Index, which may reflect a widening to 4.6 against a contraction of 4.1 in February, before we see the CB Leading Index  reading, which may rise 0.1% versus 0.1% January, coming after the March 19-20 meeting of the Federal Open Market Committee in Washington.

 

Fed monetary policy makers have agreed to keep interest rates between 2.25% and 2.50% and move forward with a $50bn rebound in bond purchases until September as the Federal Reserve cuts its growth forecast and raises its forecast for Unemployment rates while keeping interest rates unchanged during the current year, while maintaining their forecast to raise it once in the next year 2020.

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