Another calm economic day as the calendar lacks important fundamentals from major economies. The dollar remains under pressure dogged by worries about the path of the everlasting credit crisis and ideas that accelerating inflation pressures in China could lead the Bank of China to hike interest rates as early this week
Meanwhile, the Canadian dollar fell against the greenback following a holiday last session, where key data indicated and supported the expectation that the Bank of Canada will cut interest rates when it next meets in March pushing the pair to reach $1.0100 level.
The EUR/USD pair is still in an uptrend supported by a weak dollar. The volatility is high yet we expect a bullish pressure on the pair. At this hour the pair is on the upside to record a high of 108.27 and a low of 107.20
Meanwhile at this hour the greenback is declining against the yen fetching a low of 107.20 after recording a high of 108.27. Analysts predict that strength in the yen is due to the weak dollar which positioned ahead of a stream of US data tomorrow.
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