2016-10-17 15:38:10

Consumer price index of Eurozone for September, which was released today at 12:00 (GMT+3) was up to the forecast (+0.5% on the monthly basis and +0.8% in the annual basis).

The pair EUR/USD has hardly reacted to this data. The pair EUR/USD has been growing since the opening of today's trading day, which is probably the correction after the significant decline last Friday. (The pair EUR/USD lost over 210 points past week, which is approximately 21%).

Financial markets are expecting the rate hike in the United States in the near future. The index WSJ, which shows the positions of the USD against the basket of 16 major currencies, has grown by 0.1%, to 88.52 and approached the 7-month highs. Positive data on the US retail sales, which was released last Friday, also increased expectations of the rate hike and supported the rise in the USD.

Last Friday, the head of the US Fed Janet Yellen said that under the current circumstances the Fed’s leaders could be forced act quickly and aggressively". The representative of the Fed, Mr. Dudley said that the rate could be raised very soon.

This week, market participants will focus attention on the meeting of the ECB on Thursday. Expectations of the expansion of the QE program in Eurozone put pressure on the Euro. (Asset Purchase Program can be increased to 80 billion euros a month). On Thursday at 17:35, ECB President Mario Draghi will give a speech, which can add volatility in EUR/USD and global stock indices.EUR/USD: In anticipation of the meeting of the ECB.  Fundamental analysis for 17/10/2016