Market review for the week of 11.03.2013 – 15.03.2013

The US Dollar has somewhat lost its positions over the period of March 11-15 on the global currency market. The Dollar’s USDX index, being its correlation to the basket of the world’s six main currencies, in the middle of the day on Friday, March 15, has lost 0.2% in the week’s aftermath. The positive macroeconomic data from the US has been supporting the positions of the world’s main reserve currency but it could not gain ground at higher levels. After six weeks of subsequent growth, the Dollar looks somewhat tired and needs a correction. Nonetheless, its prospects remain positive.

The EURUSD pair has found support in the area of the 200-day moving average, being the traditional crucial technical support level. At the moment, its value equals 1.2950. After several unsuccessful attempts by the Dollar to overcome this level with the good data from the US in the background, the single currency ends the week with the 0.4% growth at the 1.3057 level. No significant macroeconomic data has been coming from the Eurozone over this period.

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