EUR/USD traded in range for some time, but eventually lost ground and closed under 1.24. Can it extend its falls?The main events this week are the preliminary inflation releases, employment data as well as another German business survey. Here is an outlook on the highlights of this week and an updated technical analysis for EUR/USD.
After long months of falls, Germany’s ZEW business confidence finally bounced back as investors returned to optimism. However, fresh purchasing managers’ indices disappointed. Germany’s flat manufacturing PMI was especially worrying. The final blow came from ECB president Draghi: he not only hinted about QE, but showed determination to act fast on battling the specter of deflation. This second speech of his was not challenged by the Germans, and the euro was hit hard. In the US, the FOMC meeting minutes revealed that the Fed is somewhat worried about inflation expectations and widely agreed on leaving the “considerable time” phrase regarding rates. However, the global slowdown has little impact on the US according to the officials, Encouraging data from inflation, home sales and manufacturing did little to help the greenback.
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