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EUR/USD: Euro declines after the yen and gold 12/05/2016

Technical analysis and trading recommendations -

Uncertainty in connection with the referendum on the UK's membership of the EU prevails over the future of the Eurozone and the UK economies. If the British people vote in favor of the country's withdrawal from the EU, the UK and the Eurozone stock markets will experience a short-term shock. Building plans for the future of their currencies in this situation - occupation unpromising.

Bundesbank President Jens Weidmann spoke on Thursday criticized the ECB's address on the current policies pursued by them, which includes negative interest rates and large-scale asset purchases. Confirmation Weidmann concern was the data on industrial production in the euro area, which were published today at 09:00 (GMT).

Eurozone industrial production in March fell by 0.8% and has shown almost zero growth (+ 0.2%) for the year (vs. 0.0% and + 1.1% respectively).

Today at 11:00 (GMT) will be published on the Bank of England decision on interest rates in the UK. It is expected that the interest rate will remain unchanged at 0.5%. However, the tone of comments on the decision will depend primarily on the dynamics of the pound on the foreign exchange market, but not only. Through the cross-pair EUR / GBP Bank of England decision and comments his head Mark Carney, the press conference is scheduled for 11:45, and will have an impact on the euro. In addition, the UK is also part of the European Union. And the UK economy is closely intertwined with the economy of the euro area. Today, if the pound will decline after the interest rate decision and comments M. Carneyi, the cross EUR / GBP pair will grow, and with it grows and the euro in the pair EUR / USD.

Then at 12:30 it leaves macro block on the United States, including the index of export / import prices for April. Later, at 15:45 and 17:30 and will include representatives of the Federal Reserve FOMC members Rosengren and Esther George, which stands for the tightening of monetary policy in the United States.

If the EUR / USD pair will decline today, however, its decline will be reserved upon receipt of support through cross-pair EUR / GBP. The growth of oil prices will also support the euro in the pair EUR / USD.

Thursday, 12 May, 2016 / 10:35

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