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Old 18-10-2018, 11:22
ObasiFXMart ObasiFXMart is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/USD Fundamental Analysis: October 18, 2018

The euro major pair was kept at the daily lows after the release of FOMC minutes yesterday. It reached a new weekly low at 1.1510 close and hovered close to it after the release of Fed minutes. On Wednesday, the favor was in the dollar against a basket of currencies since the London trading time. Various local equities added to the political tensions and poor inflation have influenced the common currency, which in turn, benefits the US dollar. The dovish macro data has further given a bearish stand for the euro yesterday. Although the US housing data came in less-than-expected allowed some breathing in the market then the dollar continued its hawkish sentiment across the market.

By the end of the Wednesday session, the euro falls at the bottom below 1.1500 while there is another significant meeting of the EU. Consequently, the euro dropped during yesterday’s trading from the day high if 1.1580. Sellers were able to pick up momentum yesterday after the hawkish reports of the US FOMC minutes. In the economic calendar of the euro, the Wholesale Price Index at 06:00 GMT is anticipated to grow by 0.4% from 0.3% and another report on Swiss Trade Balance for September with a forecast of 2.482 billion from 2.134 billion. Nevertheless, the low-impact data is less likely to boost trading as traders are still on the edge waiting for hints on the EU’s EcoFin meeting in Brussels.
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