Euro steady ahead of Fed

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Wednesday, Mar 18 2015

There are no major data releases from Eurozone today, with market being traded in a tighter-range ahead of FOMC interest rate decision and the following statement. Despite recent rebound euro is still in a downtrend. Regardless of recent ECB monetary measures inflation still remains low and this is something that we can expect that this trend will continue in the near future.

Earlier today, Italian Trade Balance data was released. The trade balance in January amounted to +219 million euros +251 million euros in January 2014. This was well below expectations on surplus of 4.32 billion euros.

Euro is currently being traded few points above 1.0580 level. Pair is likely to find support around 1.05 and resistance above 1.0680 area. Later today, in the US session, FOMC interest rate decision and the following statement are scheduled for a release.

More in this category: « BoE Meeting Minutes showed deflation fears USD sharply down after FOMC Press Conference »

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