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EUR/USD Weekly Forecast - 23 March - 27 March

Friday, Mar 20 2015

Events that marked the week:

European part of Tuesday's session was marked by Eurozone and German Economic Sentiment data was released. In March 2015, the ZEW Indicator of Economic Sentiment for Germany has increased for the fifth consecutive time. Compared to the previous month the indicator has gained 1.8 points to a reading of 54.8, however, this was below expectations on a reading of 58.9. ZEW’s Indicator of Economic Sentiment for the Eurozone has increased by 9.7 points to a reading of 62.4 points, beating forecasts on an incline to 58.2.

After Wednesday's raise euro pulled back by over 200 points on Thursday, though there were no major data releases from Eurozone, indicating general weakness in the pair and that rebound at this moment can be only of a short term-basis. Targeted LTRO figures were released. While analysts were predicting amount of 40 billion euros official data showed that LTRO will be 97.8 billion euros.

 

German Chancellor Angela Merkel said on Thursday that the return of growth and a fall in unemployment levels in the euro zone showed much progress had been made in the bloc, but that the debt crisis had not been completely overcome. "We have shown what can be achieved with decisive action (in member states) and European solidarity, but we have not overcome the crisis on a sustainable basis for the long term," Merkel told the Bundestag lower house before an EU summit in Brussels.

 

Next week markets will be looking at:

 

French Flash Manufacturing PMI/ French Flash Services PMI (Tuesday 9:00)

German Flash Manufacturing PMI/German Flash Services PMI (Tuesday 9:30)

Flash Manufacturing PMI/ Flash Services PMI (Tuesday 10:00)

German Ifo Business Climate (Wednesday 10:00)

GfK German Consumer Climate (Thursday 8:00)

M3 Money Supply (Thursday 10:00)

More in this category: « GBP/USD Weekly Forecast - 23 March - 27 March AUD/USD Weekly Forecast - 30 March - 03 April »

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