Here is the key factor to keep in mind today for Euro trades:
- Eurozone Confidence Report: Forex traders received a very important set of data on Eurozone confidence today. Eurozone Industrial Confidence was reported at -2.9 in March. This beat expectations for a reading of -4.0 and was much better than February’s level of -4.6. Eurozone Consumer Confidence was reported at -3.7 in March which matched expectations as well as the -3.7 reported in February. Eurozone Economic Confidence was reported at 103.9 in March which beat expectations for a level of 103.0 and was above the 102.3 reported in February. Eurozone Services Confidence rose to 6.0 in March, beating expectations for a level of 5.2 and well above February’s reported level of 5.3. The Eurozone Business Climate Indicator was reported at 0.20 in March which beat expectations for a level of 0.18 and is well ahead of February’s level of 0.09. This report suggests a firmer Euro.
Here are the key factors to keep in mind today for US Dollar trades:
- US Personal and Income Data: Economists expect an increase of 0.3% in personal spending in February which would match the 0.3% increase which was reported in January. Personal spending is expected to increase by 0.2% in February which forex traders can compare to January’s contraction of 0.2%. Should this be confirmed it would represent a terrible start into 2015. The Personal Consumption Expenditure Deflator is expected to increase by 0.2% monthly and 0.3% year-over-year. The core Personal Consumption Expenditure Deflator is expected to increase by 0.1% in February monthly and 1.3% year-over-year. The US Dollar could come under pressure
- US Pending Home Sales: Expectations call for an increase of 0.4% in pending home sales for February and 8.7% annualized. This can be compared to January’s increase of 1.7% monthly and 6.5% annualized. The mixed report may not be able to push the US Dollar higher.
- US Dallas Fed Manufacturing Index: More bearish news is expected out of the Dallas Fed Manufacturing Index which is expected to come in at -9.0 for March which can be compared to February’s level of -11.2. The US Dollar may struggle to advance with the contraction in manufacturing.
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.