Market review for the week of 24.05.2013 – 28.05.2013

The US Dollars has continued strengthening over the period of June 24-28 as the topic of the possible upcoming commencement of shortening the third round of quantitative easing by the US Federal Reserve continued dominating the market. The US macroeconomic data, released over this period, was also of a positive nature, which provided additional support for the world’s main reserve currency. Durable consumption goods orders bet the forecasts and the consumer expenses, which account for 70% of the GDP, grew by 0.3% in May. With this background, the USDX index, being a correlation to a basket of the world’s six leading currencies, increased by 0.7%.

The business climate index data in the Eurozone have almost matched the forecasts and had an insignificant impact on the traders’ mood. They continue focusing on the situation in the US and are closely watching the macroeconomic data from there. The EURUSD pair has overcome the support at 1.3080 and in the moment touched the 1.2985 mark where the Euro buyers somewhat started returning to the market. Closer to the end of the week, it was quoting at the 1.3018 level, which is by 0.7% lower than the previous week’s closure.

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