FOREX currency market was trading modestly at the first sessions of the current week, the sideway consolidation continued on Tuesday.
Yesterday, USD dollar unexpectedly declined and lost some of its earlier gains relative to the European currency after the appearance of new important information on the policy of the European regulator. Reuters has spread the message that supporters of soft monetary policy in the ECB Governing Council support the idea of completing a large-scale bonds purchasing program this year.
For the FOREX currency market, the last week turned out to be low-key and low active - the currency instruments hesitantly traded within narrow ranges, as trading activity was below the average.
Today, in addition to the important American block of data( industrial production and the University of Michigan index), the market focus was on the long-awaited figures of European statistics-inflation data.
For last 24 hours, the situation in the main FX pair EUR / USD practically has not changed.
Today on Monday, the economic calendar does not contain important macroeconomic data, so the influence of fundamental factors is limited and the market will be under the influence of technical factors.
EUR/USD volatility has significantly increased in the last trading sessions.
After European currency updated the low of January 18, today EUR / USD is developing upward corrective impulse to the area of 1.2300-1.2320.
EUR / USD continues to decline amid the strengthening of the US currency after the first official speech by the new Fed Chairman Jerome Powell earlier this week.