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The dollar is preparing to withdraw against the euro and the yen


The euro is marking time near 22-month lows, as traders are not yet showing any particular activity. Markets are waiting for data on US GDP, which should confirm the strength of the leading global economy and push the dollar even higher. In general, the currency markets are calm, most of the major pairs are stuck in narrow trading ranges. However, it seems like a calm before the storm. New orders for the production of capital goods in the US in March rose to a maximum of 8 months. These and other recent data eased concerns about a sharp slowdown in the growth of the world's largest economy. It is expected that US GDP in the first quarter grew by 2 percent year on year. This week's breakout in the EUR/USD pair below $ 1.1200 was largely a dollar history. However, over the next few days, attention may again shift to Europe, where elections are expected in Spain, the credit issues of Italy and possible economic reforms in France.


The Bank of Japan has told investors that it will keep interest rates at an ultra-low level for at least another year in order to remove any doubts about its commitment to the ultra-light policy. The yen has not changed much against the dollar, but the situation will change soon. Next week, the data on the Chinese index of business activity and the report on employment in the non-agricultural sector of the United States will be published, it is expected that both indicators will be quite good. This can be added to the next round of trade negotiations between the US and China, which can further raise the risk sentiment. Thus, the market is likely to expect another growth of the dollar against the yen to 113.00 yen.


The material has been provided by InstaForex Company -