23, January 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

The day before there was a band trade at the market. As the result, there were no winners in the battle between “bulls” and “bears”.

The ZEW Indicator of Economic Sentiment in Germany disappointed investors a little bit, having showed that the values were worse than the forecast. The “Bears” were able to push the pair down to the level 1.3516, however they did not have enough power to go further and after an IMF GDP positive growth forecast in the Eurozone in 2014 it grew up by 1% amid the strong growth in Germany and Spain the single European currency installed a fresh day maximum.

The statistics from the UK again is shaking with a fever: positive reports are replaced with negative ones. This time the industrial orders from the Confederation of British industry has upset investors by weak data.

The GBP/USD fell slightly below the 64-th figures, however the EUR/GBP cross-rate decrease and positive outlook for the growth rate of the United Kingdom economy from the IMF supported the “bulls”; and in the American trading session there was a quotations growth of the British currency.

The USD/JPY was growing up the first half of the day amid the growth on the Asian stock market. Yesterday the IMF was published as a result it raised the Japan economic growth forecast in 2014 from 0.4% to 1.7%. The positive expectations were perceived by the “bears” with enthusiasm; it allowed the Japanese currency to strengthen to the 104th figure.