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The Euro/Dollar Pair Grows on Strong Statistical Data from Europe

Statistics from 12th February on retail trade and the number of initial applications for unemployment benefits in the US turned out to be worse than expected. At the same time, 13th February data on the Eurozone turned our better than expected. According to preliminary data, Eurozone GDP for the final quarter showed a 0.9% growth and German GDP for the year hit 1.6%. The Euro/Dollar pair gained momentum for a slight correctional growth but, looking at things in the long term, the direction won’t change. The market is waiting patiently for news on Greece.

The Governor of the Reserve Bank of Australia (RBA), Glenn Stevens, made a statement saying that the Australian economy isn’t growing fast enough to counter the growth in unemployment throughout 2015. At the same time the RBA has become aware that, compared to last year, they are now less able to reduce interest rates to support demand. However, they can still stimulate their economy by way of monetary policy. The market takes these sorts of statements as a signal that the rates are soon to be dropped. The Australian Dollar dipped slightly against its US counterpart. The trend for a continuing fall remains.

There is cause for optimism today on the Russian market. The positive outcome from the Minsk negotiations, coupled with a rise in oil prices (Brent 57.04 USD per barrel), is prompting a growth for both the major stock indexes and the ruble rate. At the moment of writing this analysis, the dollar has cheapened by 41 kopecks and the euro by 36 kopecks.

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