On Thursday morning the EUR/USD pair continues to "develop" new eleven year lows amid stats and news.
The single European currency is getting closer to parity. It seems that the currency is now being pressured by everything at once: the American statistics, and the wait for the meeting of the European Central Bank.
Yesterday the US presented statistical data, according to which the index of business activity in the non-manufacturing sector in February was 56.9 points against the forecast of 56.2 points. According to observations of ISM, the Purchasing Managers' unproductive companies have become more active and energetic. This, in turn, can then give the Federal Reserve a reason to raise interest rates in the middle of the year.
But all this is market "reckoning." In fact, the Fed has repeatedly said last week that although it is considering the rate at each meeting, it does not intend to revise it "here and now."
Yesterday statistics came out on the number of jobs in the private sector by ADP for February. The index added 212 thousand against expectations of growth by 215 thousand. Statistics is not bad, the average value of the indicator remains above the 12-month median line.
Today - all eyes are on the European Central Bank, which is likely to retain the same level of rates, but can provide details of incentive programs. Any of the comments will be a catalyst for investors to start moving. The pair is moving closer to parity, the support looks illusory, and if a new wave of sales starts, very little will be able to keep the euro in place.
RoboForex Analytical Department