The Euro is ready to grow. Overview for 29.04.2020
On Wednesday, the major currency pair is slowly rising; investors’ attitude to risks is returning.
EURUSD is growing a little bit in the middle of the week. The current quote for the instrument is 1.0843.
The two-day meeting of the US Federal Reserve is set to be over today and market players are very curious about any comments from the regulator. So far, the external background allows increasing attitude to risks.
The statistics published yesterday showed that the CB Consumer Confidence in the USA dropped to 86.9 points in April after being 118.8 points the month before. The indicator was expected to show 88.3 points but the reality turned out to be worse. Most likely, the indicator already reached the bottom, because for further decline, quarantine restrictions in the USA should continue, but the US government is ready to cancel them slowly.
The preliminary report on the Wholesale Inventories showed -1.0% m/m in March after being -0.7% m/m in February and against market expectations of -0.4% m/m. It’s also okay: companies and enterprises could easily predict slumping demand, hence reducing the stock in order to avoid losses and overloaded warehouses.
Among the reports scheduled for today, one should pay attention to the first estimate of the US GDP for the first quarter of 2020. The indicator is expected to show -4.0% q/q but the actual reading may be much worse.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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