After the holidays in the United States, the prices of the major pairs show signs of an upward bounce as usual.
On Monday the dollar emerged as the entire winner of the day, with the exception of the Australian dollar. At the same time, after hitting lows 1.5855 and 1.2660, the euro and the British pound, respectively, the dollar has some signs of weakness ahead of the U.S. session.
It does not change the medium-term outlook for the European currencies, which remain bearish. Though, the pound appears with a strength that the euro does not have. Its projection is 1.2550 for the next few days. However, if the rate overcomes 1.2735, it will speed its recovery, looking for 1.2765, during next hours.
The Swiss franc has a similar trend; it is bearish against the dollar, and with a target in the 0.9720 area. The loonie could return as well to the area of 0.9940.
The rate of inflation in the UK rose more than expected, giving the bullish momentum for the pound. In Germany, the ZEW business climate index fell again, this time it was more predictable; though it did not much affect the euro. It managed to recover from its lows at 1.2660, as it was mentioned.
It is not expected to see any important information during the American session. Although, it is known that, some unpredictable actions may be taken during the early American session and the impact may be similar to ones of key macro reports.
The material has been provided by Instaforex Company - instaforex.com
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