The Euro remains in the range. Overview for 23.03.2018

The main currency pair was rather volatile this week; investors haven’t decided on their attitude to the economic warfare yet.

EURUSD is trading upwards on Friday. The current quote for the instrument is 1.2347.

The statistics published by the USA yesterday were quite mixed. The Unemployment Claims added 229K after expanding by 226K the previous time and against the expected reading of 225K. In general, this number was taken as positive.

The Flash Services PMI decreased up to 54.1 points in March after being 55.9 in January. The same indicator, but for the manufacturing sector, expanded up to 55.3 points after being 55.3 points the month before before. These are preliminary reports and may be later revised significantly.

However, the most important news was Donald Trump’s signing the memorandum that implies custom dues for Chinese goods. He did this in order to encourage and increase competition for domestic manufacturers. This step was a logical extension of his previous law relating to steel and aluminum.

In the morning, China responded to the American challenge and published the list containing 124 good from the USA, which also would be imposed duties upon. If this “fight” continues, it might influence even those, who aren’t directly involved into this economic warfare.

So far, the USD barely responded to this news, but investors have already started switching their attention to the Yen, which is considered as “safe haven” asset.

RoboForex Analytical Department