Feb. 28: American session
Tatiana Norkina , FBS analyst
Today after a FOMC member Fisher’s speech dollar index fell sharply by almost half a percentage point. Quarterly U.S.GDP data negatively affected the situation. According to the statistics, in the last quarter GDP grew by only 2.4 %, while analysts had forecast an increase to 2.5%. However, the manufacturing sector in Chicago showed growth: PMI slightly less than 60 points, which even exceeded the indicators of last month. This is somewhat restrained the fall of the U.S. dollar against other major currencies. So, EUR/USD pair is reduced in the area of 1.3785, after the formation of the daily maximum of 1.3823. GBP/USD pair has rebounded from 1.6726 level and is now trading at 1.6700 figure. A little later, the market will wait the speech of FOMC member Stein, and then – the head of Bank of England Mark Carney.
The pair USD/CHF has formed a new minimum of 0.8790 in the last two years. Currently bulls correct course in the 0.8815 area. Currency pair USD/JPY reversed from the support of 101.50 and is now recovering in a region of strong resistance of 102.25.
Sudden movements are seen for the USD/CAD currency pair. Today the pair again stumbled on resistance 1.1145-1.1150 and collapsed to the 1.1080 area.