As we opened the trading session on Monday, we obviously gapped lower in favor the US dollar during Asian trading, perhaps in reaction to the tax bill making significant gains through the US Senate.
The economic calendar is taking a breather today but will return with bang tomorrow. Market participants are looking forward to two major central meetings as the Bank of Japan and especially the European Central Bank take centre stage.
Over the past week and a half, market participants have been forced to reduce their Bank of England rate hike expectations due to the recent soft patch in UK economic data.
The EURUSD pair initially tried to rally during the session on Wednesday, but then fell significantly towards the 1.13 level below.
The euro continues to defy gravity. The single currency is up sharply against all of its major rivals, including the pound which took a beating despite stronger UK inflation figures released this morning.
After initially gapping higher on Monday, the EURUSD pair has fallen apart. This was a “buy the rumor, sell the news” type of situation when it came to the French elections, and this pullback has been absolutely brutal.
The EURUSD pair rallied initially on Friday, breaking above the 1.09 handle.
The EURUSD pair pulled back just a bit during the trading session on Wednesday, but still looks bullish and overall the market has been grinding higher sense late December.
The EURUSD pair rally during the day on Monday and relatively thin conditions as Europeans would’ve been celebrating Easter Monday.
The EURUSD pair initially tried to rally during the day on Friday, but then broke down below the 1.06 handle during the day.
