Daily Market Analysis from ForexMart

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EUR/USD Fundamental Analysis: March 14, 2017

The EUR/USD pair merely floated around during the previous session with no definite direction as the market prepares itself for the onset of economic data which is expected to hit the US market this coming Wednesday. The FOMC meeting will commence on Wednesday, where the committee is expected to make the rate announcement as well as another statement, which would hopefully contain confirmation of the much-awaited interest rate hike. As of the moment, the EUR/USD pair is currently trading at just over 1.0650 points and is expected to exhibit more ranging and consolidation as the market awaits the rate statements from the FOMC tomorrow.

Draghi’s speech yesterday did not do much to improve the current stance of the EUR/USD pair and was unable to induce added volatility into the currency pair. As of the moment the euro is still being kept afloat by last week’s events, particularly Draghi’s statement that the EU is already well on its way to recovery with regards to accomplishing its fiscal and economic goals.

For today’s series of trading sessions, there are no major news releases from the EU while the US economy will be releasing its PPI data later today. But since the market is now focusing themselves on the release of the FOMC tomorrow, this particular piece of data is not expected to increase the pair’s volatility rates. The EUR/USD pair could be in for more ranging and consolidation as the day progresses.