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Today, all attention will again be focused on the British pound and on the next vote, already the third in a row, under the Brexit agreement proposed by Prime Minister Theresa May. According to experts, the new agreement will differ from previous versions in that it will not include the political declaration that was previously included in the package. If the Parliament supports May's proposal, the UK will withdraw from the EU on May 22. If the vote fails, and, most likely, it will, the term for the provision of an alternative version of the agreement in the UK will be until April 12 this year.
The British pound is responding to all this news with a decline, and, most likely, the pressure will continue.
Yesterday, a number of reports were published on the American economy, which generally failed to provide the necessary support for the US dollar.
According to the US Department of Labor, the number of initial applications for unemployment benefits for the week from March 17 to 23 decreased by 5,000 and amounted to 211,000. Economists had expected that the number of applications would be 220,000. The number of secondary applications for the week from March 10 to 16 increased by 13,000 to 1,756,000.
A weak GDP report limited the upward potential of the dollar. Not surprisingly, the US economy grew at a slower pace than expected in the 4th quarter. This happened due to lower profits of US companies.
According to the US Department of Commerce, the gross domestic product in the 4th quarter of 2018 grew by 2.2% per annum, whereas previously it was reported that GDP growth was 2.6% per annum. Economists had expected GDP growth to be 2.2%.
The number of signed contracts for the sale of housing in February decreased compared with the previous month. According to the National Association of Realtors, the index of signed contracts for the sale of housing in February fell by 1.0% compared with the previous month and amounted to 101.9. Economists had expected the index to show an increase of 0.7%. Compared to the same period of the previous year, the index fell by 4.9% in February.
Production activity in the area of responsibility of the Federal Reserve Bank of Kansas City in March increased. The report indicates that the composite production index in March was 10 points against 1 in February.
This week, a series of speeches by the Fed. Richard Clarida, vice chairman of the US Federal Reserve, did not miss this opportunity, saying that the Fed should pay even more attention to the risks of global economic growth. In his opinion, moderate inflationary pressure justifies a patient approach to the issue of interest rate adjustments in the future. Clarida is also concerned that the US economy has become more vulnerable to external shocks than in previous years.
As for the technical picture of the EURUSD pair, the further downward trend will slow down in the area of new lows, which are now visible in the 1.1200 and 1.1170 areas. However, the main goal of sellers of risky assets will be the 1.1150 support test. Under the scenario of the upward correction of the euro, sellers will not take long to wait in the area of major resistance 1.1270 and 1.1295.
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