The euro is under pressure again

October 15, 2014

Anyone else surprised by this trend? The main pair is under selling pressure again, and it is unlikely that today’s macro publications will change something. 
The euro/dollar is declining for the second day in a row. It has become a habit - one correctional session is replaced by a wave of sales. However, for the major currency pair it is a normal state. 
In the middle of the week the USD is waiting for the publication of the report of the "Beige Book," in which moments are marked characterizing the state of the American economy. The market is nervous - recently too many signals came out, with polar meanings. 
Today the head of the European Central Bank Mario Draghi will be making a speech. Investors and are not especially expecting any fundamentally new information, but the tension in the main pair is still felt. The euro zone economy is weak, the stimulation was about a year late and so far it is not giving any tangible results. According to the German reports, stagnation is getting closer. 
In other words, in mid-October there are no particularly positive drivers to strengthen or at least stabilize the euro/dollar. 
This, in turn, means that the goal of the sellers is again at 1.26. 

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