Market Overview

20 March 2015 17:45

Konstantin Meinhardt

The Fed released its interest rate decision on Wednesday. The Fed dropped the word "patient" from its outlook for monetary policy, but it lowered its forecasts for growth and inflation. The central bank said interest rate hike will depend on the economic data. The recent released data remained mixed. It is likely that we will see a deep correction after a stronger U.S. currency. But I remember 2010. Greece's problems became visible. The euro declined against the greenback, no matter what the economic data was released. Solid economic data from the Eurozone meant that the euro declined.
20 March 2015 10:15

Christoph Brixa

On Friday, the 13th of March the euro set a new 12-year low against the U.S. dollar at USD1.0461. One week later the single currency trades above USD1.0650 again - currently about 200 pips above the low. So far so bullish - or at least a phase of stabilization of the 'oversold' euro. Only if there would not have been the skyrocketing euro after the FED statement, trading as high as USD1.1022, just to be sold off a day later. Of course the bullish movement was partly driven by a short-squeeze but still a very valid sign of life and an indication that the euro might enter a pullback.
Market Focus
  • Swiss government raises 2019 GDP growth forecast to 0.9% from 0.8% previously
  • Fed keeps rates on hold, points to 'favourable' economic outlook next year
  • German consumer price growth stabilised in November
  • French consumer prices rose by 0.1% in November, as expected

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