wrapper

EUR/USD Daily Forecast – 10 March

Wednesday, Mar 09 2016

There were no data releases from the Eurozone yesterday. Selling pressures are likely to have increased on the euro, as there is ambiguity over the course of action that the European Central Bank (ECB) will take at their policy meeting, which will take place in Frankfurt tomorrow. This is despite the positive GDP data that was released yesterday by Eurostat, especially the 1.6% productivity rise year on year in January 2016. Analysts at Societe Generale believe that risk aversion is failing to support the euro, and it’s trading less like the yen, amid the concerns about immigration and ‘Brexit’.

In the US session Crude Oil Inventories figures were released. Oil extended gains on Wednesday after government data showed a build in U.S. crude stockpiles in line with expectations and a big drop in gasoline inventories. The Energy Information Administration reported crude stocks rose by 3.9 million barrels in the previous week to a total of 521.9 million barrels, meeting analysts' estimates. Total motor gasoline stockpiles dropped by 4.5 million barrels, and distillate fuel stocks also decreased by 1.1 million barrels. Closely watched weekly production figures were barely changed.

 

Focus of tomorrow's session will be on ECB interes rate decision and the following press conference. We can expect a lot volatility since analysts are expecting additional monetary stimulus. In the US session Unemployment Claims figures are scheduled for a release. Decline to 272,000 is forecasted.

 

Figures to watch:

 

Minimum Bid Rate/ECB Press Conference (Thursday 14:30)

Unemployment Claims (Thursday 14:30)

More in this category: « GBP/USD Daily Forecast – 10 March AUD/USD Daily Forecast – 11 March »

Latest from Editor

About Us

Forex Web News is part of Rolling Capital Network providing financial consulting.

Within the Forex Web News we provide our readers with expert and timely technical analyses, fundamental analyses and news; with one aim – for our readers to make best possible financial decisions.

Forex Web News desks and analysis department follow the international markets closely and create high quality proprietary content on a both daily and weekly basis.

.

All our analysts have several years of trading and analysis experience. The Forex Web News analysis team creates daily and weekly analyses and offer forecasts regarding where they believe the markets are heading. Our readers are provided with data displayed both in texts and on graphs, providing them the fullest understanding of what is happening in the market place.

We are constantly growing our news desks and our analysis departments as we strive to broaden the content we provide to visitors of the Forex Web News.

Disclaimer

Rolling-capital.com – The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. rolling-capital.com bears no responsibility for any trading losses you might incur as a result of using any data within the Forex Web News.