15.03.2019: What sentiment prevails ahead of weekend? (USD, EUR, CAD, BRENT)
The trading week is coming to an end, so presumably traders could finally relax. But the recent economic news drew them back to their desks.
The United States released the industrial production data, showing that the output increased slower than expected. The industrial production expanded by 0.1% while analysts predicted a rise of 0.4%. At the same time, the reading for the previous period was revised upwards from -0.6% to -0.4%.
At first, this news encouraged traders and their started buying the American currency, but then the chart reversed and the greenback’s opponents gained ground Thus, the euro-dollar pair is set to gather bullish momentum, having risen above the weekly high of 1.1340.
The report on consumer sentiment from the University of Michigan should also have provided support to the American currency. The index surged to 97.8 points unexpectedly.
Nonetheless, traders continued selling the US dollars. As a result, the USDX chart was stuck near the level of 96.50.
At the same time, the greenback managed to get the upper hand against the Canadian currency. To be precise, it benefited from the loonie’s weakness. Oil prices no longer provide support to the Canadian dollar, so it lost momentum. The USD/CAD pair advanced to 1.3360.
Demand for crude oil decreased after the meeting between Donald Trump and Xi Jinping had been postponed. The meeting was aimed at resolving the trade conflict. Ahead of the weekend traders preferred to close their buy deals on crude oil, so the Brent crude benchmark declined to 66.50 dollars per barrel. Probably, oil futures will regain bullish momentum early next week as Saudi Arabia promised to cut oil production.
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