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EUR/USD Daily Forecast - 21 March

Tuesday, Mar 20 2018
EUR/USD Daily Forecast - 21 March

Focus of the yesterday's session was on ZEW Economic Sentiment figures. The ZEW Indicator of Economic Sentiment for Germany decreased sharply in March 2018. The index has fallen by 12.7 points compared to the previous month, now standing at 5.1 points (long-term average: 23.6 points). The percentage of experts anticipating a decline over the coming six months has risen by 7.2 per cent to 12.9 per cent. “Concerns over a US-led global trade conflict have made the experts more cautious in their prognoses. The strong euro is also hampering the economic outlook for Germany, a nation reliant on exports. Combined with the experts’ continued positive assessment of the current situation, however, the outlook is still largely positive,” comments ZEW President Professor Achim Wambach.

The assessment of the current situation in Germany has also experienced a decline. The corresponding indicator decreased by 1.6 points to a level of 90.7 points. Concerns surrounding a possible trade war with the US are also having a negative impact on the outlook for the Eurozone, with the corresponding indicator dropping 15.9 points to a reading of 13.4 points. The experts’ assessment of the current economic situation in the Eurozone has also decreased, falling 1.5 points to a level of 56.2 points.

 

There will be no major data releases from Eurozone tomorrow. In the US session focus will be on FOMC interest rate decision as well as following press conference with analysts expecting interest rate hike to 1.75%.

 

Figures to watch:

 

Federal Funds Rate/FOMC Press Conference (Wednesday 19:30)

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