EUR/USD (a 4-hour chart)
At the end of the last week, the U.S. currency continued to strengthen versus its major competitors. The EUR/USD has weakened by 0.3% on a daily basis, amid a falling demand for risky assets by institutional investors. The rhetoric of the past FOMC performances indicates a continued cuts volumes QE- 3 program, which encourages the long positions in risky assets. In the afternoon, the States published reports on the unemployment benefits and housing sales application in the secondary market in February. The first release came out slightly better than the median forecast, the second one disappointed the investors a little by showing a slight decline in home sales.
The currency GBP/USD remained under the pressure amid a lack of appetite for risk among the investors. The only thing that could please the "bulls" is a strong decline in the cross-rate EUR/GBP, but this was not followed. A neutral newsflow from the U.S. also didn’t have a serious impact on the course of trading and the pair eventually ended the trading day lower by 0.2.
The USD/JPY held the last trading day in a consolidation. At the beginning of the European trading session the head Bank of Japan Haruhiko Kuroda had a speech. He said that good economic growth needed to achieve the inflation target of 2% as quickly as possible. The market participants reacted to this event with modest bids to buy the dollar/yen. The decline in the Japanese stock market acts as a deterrent for the upside on Thursday.