EURUSD is looking for consolidation. Overview for 08.04.2020

08.04.2020

On Wednesday afternoon, the major currency pair is slightly falling but investors are looking for a consolidation area. 

The Euro is falling against the USD on Wednesday. The current quote for the instrument is 1.0854.

Nothing important is happening: while the fundamental background is quite smooth, market players are obviously looking for support. They have enough time for both responding and reflecting. 

The statistics published yesterday showed that the Consumer Credit in the USA went from being 12.1B in January to 22.3B in February against the expected reading of 13.9B. It means that the American population was in favor of lending programs even before the coronavirus pandemic due to low interest rates and stable personal income; they knew they had the money to pay for these credits. However, in March, the situation was not so optimistic.  

There won’t be a lot of interesting numbers today. The only thing in the calendar that may seem interesting is the FOMC Meeting Minutes to be published in the evening. It’s not quite clear whether the regulator is going to publish a report for all of its scheduled and unscheduled meetings at once or for one at a time. 

The report may provide insight into whether all members of the regulator were in favor of rate slashing or the Fed had other options. The more “transparent” the document, the better for the USD.
 

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.