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The main currency pair is still declining on Tuesday. The current EURUSD exchange rate stands at 1.0613
Yesterday, the US released a retail sales report for March, which caused increased market turbulence. The report showed a 0.7% m/m increase, surpassing the forecasted 0.4% and the previous value of 0.9%. Strong retail sales are a powerful inflationary factor well-known in the market.
This means that the US Federal Reserve will likely postpone its decision on monetary policy easing from June to September. At present, the situation appears highly unstable. Six interest rate cuts were forecasted at the beginning of the year, but today, there may not be more than two. However, there may only be room for one cut, which would deeply disappoint capital markets.
Today, the US will release industrial production and housing market statistics for March, but it is unlikely that there will be equally compelling reasons for reactions.
Investors are genuinely interested in anything related to the US Fed and its future steps. For now, the market will remain focused on the interest rate's future.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
Source: http://www.roboforex.com
