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Eurodollar Trading Around its Friday Close

Due to it being Easter Monday in many European countries, Australia and New Zealand, the stock exchanges are closed.  Forex market activity is low. Unpredictable currency fluctuations in any direction are possible under such conditions.

At 13:00 EET the euro/dollar was trading close to its Friday close, 1.0983. The pound/dollar grew to 1.4938 on the back of a fall in the euro/pound. During the European session, the price of gold reached a session maximum: 1223.26 dollars per troy ounce. Friday’s trades on gold were closed, so it reacted to weak US data on the labor market from the opening of trade.

This week’s key event for the Australian dollar will be the meeting of the Reserve Bank of Australia (RBA) on Tuesday. Expert’s opinions on the outcome are divided. One thinks that the base rate will be dropped to 0.25%, whilst another believes it will be left at 2.25%.

All eyes are on the American reports and the opening of the American session after Good Friday. Market participants are waiting for the release of the Canadian PMI index and the ISM index on the service sector in the US. As I see it, the dollar could continue falling, but in the evening I’ll stick to saying it will grow (a correction).

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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