Mar. 17: American Session
Tatiana Norkina , FBS analyst
Last month the index of manufacturing activity in New York was surprisingly low, compared with analysts' forecasts : 5.61 vs. 6.00. This has contributed to a sharp decline of the U.S. dollar index , which fell to around 79.40 mark after the publication of the news. While major stock indexes add one percent each.
Against this background, there is an increase in volatility in the currency markets. Thus, the pair EUR/USD rebounded to 1.3950 area, but then corrected to the level of 1.3930 mark. Currency pair GBP/USD also grew to the level of 1.6660, but the bulls were not able to overcome this resistance, trades are now carrying in the field of 1.6640 area.
USD/CHF pair has fallen off to the Friday support 0.8710 and USD/JPY is consolidating just above 101.50 support.