16, May 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

The EUR/USD pair traded in a narrow range amid the Eurozone and the U.S. important macroeconomic social statistics lack. The investors took a wait before the GDP euro zone report for the 1st quarter publication. This release has a strong influence on the euro/dollar pair currency, especially in the light of ECB official’s recent statements on the June monetary policy possible easing.

The second quarter Bank of England's inflation report disappointed investors. Monetary regulator kept economic growth estimate unchanged, while Mark Carney said that the pound strengthening remains an export obstacle. It should be noted that the Bank of England expects more rapid unemployment decrease; however, market participants didn’t paid attention to it and began to sell the British currency. Against this background GBP/USD pair came under the sales wave.

After the world’s leading indexes updated multiyear high - the stock markets began profit-taking that caused a price drop. The negative external background pressured USD/JPY pair. The decrease stopped with a consolidation in a result.