Article by Investazor.com
As I was expecting yesterday, the volatility rose around US publications. The release of the ADP did not surprise the market since it came around expectations, but triggered optimism in what concerns the NFP release from Friday. The surprise of the day came with the release of the Factory Orders. I was pretty sceptic in what concerns this release, but it surprised me as well as the market. The US Factory orders registered 1.6% rise.
These two releases have triggered dollar buying. The EURUSD dropped all the way to 1.3750. The down move was also sustain by the risk aversion triggered by the bomb explosion from the Cairo University.
See yesterday analysis: EUR/USD Forecast And Price Action for April 2nd;
Today from the Euro Area were released the Spanish Services PMI in line with expectations 54.0; Italian Services PMI below expectations and below 50.0 level (49.5) and the EU Retail Services up 0.4%. These did not have a great impact on the EURUSD quotation. The price was held between 1.3750 and 1.3770. Continue this article to see what the main events for today are and what the price action is telling traders
The following are expected next:
EU – Minimum Bid Rate (12:45). In the economic calendar the interest rate it is expected to remain at 0.25%. 57 of 60 Bloomberg analysts are expecting ECB to maintain the interest rate at current level and only 3 of them are expecting a diminish. For the moment I am also with maintaining it.
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