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After a good data on industrial production in the U.S. and the next wave of US dollar growth against a number of world currencies, a short-term profit taking followed which lead to a slight upward correction.
Based on report of the U.S.A. Federal Reserve System, industrial production in U.S. for September of this year has again increased. This indicates continuation of recovery of American economy this year after summer hurricanes.
According to the data, industrial production in September this year increased by 0.3% compared to the previous month, while economists expected the growth rate of 0.3%. The production growth was 1.6% in comparison with the same period of the previous year.
Yesterday, A number of Fed representatives continued to announce the need to raise interest rates in the U.S.
In the speech of Philadelphia's Fed President Patrick Harker, he said he expects another rate hike this year, followed by three increases in 2018. In his view, the next deadline for raising the Fed's rates in 2017 will be determined by the inflation data, but the Fed should be cautious when making such a decision.
Patrick Harker is confident that the Fed should also balance the upward and downward risks in determining the rate of rates, but holding rates for too long at low levels is accompanied by risks.
All these statements fully coincide with the opinion of Fed Chairman Janet Yellen, who also recently expressed the need for changes in the monetary policy.
Yesterday it also became known that US President Donald Trump will soon elect a candidate for the position of chairman of the Federal Reserve. Most recently, the number of applicants has been reduced to five. Trump stated that all the candidates sympathize with him and he treats them with deep respect. According to the White House, Trump will take the above decision before traveling to Asia, which is scheduled to commence on November 3. Remember that the US president will meet the acting main Fed chair, Janet Yellen on Thursday.
As for the technical picture of the EUR/USD pair, the euro is still supported by a good level of support found at 1.1735-30, which worked well yesterday. Repeated returns to this range may lead to another sale of risky assets with an exit up to the weekly targets in the area of 1.17100 and 1.1680.
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