The Euro bears got tired on the way

August 28, 2015

The main currency pair suspended its fall by Friday. In the three trading days, the drawdown was 3.78% - enough to roll back and find points of support. By Friday morning, the currency market is quiet. A pleasant feeling after the turbulence of the last three trading sessions. The euro/dollar is now at trading 1.1259, a little growth from yesterday's "bottom". All key news has already been received and in the end of the week they will only have to be analyzed one more time.

According to yesterday’s statistics the revised US GDP for the second quarter showed strengthening by 3.7% y/y with the forecast of 3.2% and the initial estimate of 2.3%. Judging by the components of the report, the second quarter proved to be profitable for business, as well as for the production, based on the parameters of the investments. Construction spending rose sharply in April-June, while there is a large inflow of funds into the construction. Consumer spending noticeably brightened.

These indicators are the most "healthy signs of growth", which have been waited for in the releases on the US economy. If the Federal Reserve will evaluate this report with all its components as positively as the market, to the forefront of trade ideas will come back motif of the September rate hike. This could again shake the market.

Employment Sector in the US held steady confidence, and there is nothing to complain about. The moving average in terms of the number of claims for unemployment benefits for 5 weeks is firmly at the level of 277 thousand. This is an excellent result.

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