Holiday in the United States of America and lack of activity in the market
Previous week was not positive for US dollar due to weak Initial Jobless Claims and Retail Sales statistics. But the general decrease was not that strong as Michigan Consumer Index remained at the same level of 81,2. Janet Yellen in her speech to US Bank Congress Committee confirmed that Federal Reserve will continue to reduce mortgage obligations buyout smoothly. What is more, she pointed out that weak statistics is due to extremely cold and snowy winter in North America.
By now there is a very low dynamics in the market and we believe it will remain the same for the whole day because of lack of new statistics from the US and because of the holiday in the United States of America (President’s Day)
Semen Kamensky