As we opened the trading session on Monday, we obviously gapped lower in favor the US dollar during Asian trading, perhaps in reaction to the tax bill making significant gains through the US Senate.
The EURUSD pair initially dipped lower during the day on Friday, but then shot higher impulsively during the American session.
The economic calendar is taking a breather today but will return with bang tomorrow. Market participants are looking forward to two major central meetings as the Bank of Japan and especially the European Central Bank take centre stage.
Over the past week and a half, market participants have been forced to reduce their Bank of England rate hike expectations due to the recent soft patch in UK economic data.
The EUR/USD pair went sideways initially on Friday, and then had a very volatile session as the jobs number in America came out much longer than anticipated.
The EURUSD pair initially dropped a bit on Thursday, but then shot towards the 1.14 level above.
The EURUSD pair initially tried to rally during the session on Wednesday, but then fell significantly towards the 1.13 level below.
The EURUSD pair shot like a rocket into the stratosphere after less than impressive US numbers came out during the early New York trading.
The EURUSD pair had a very volatile session on Wednesday, as we are trying to front run the European Union quantitative easing situation.
Thanks to soft US economic data of late, expectations about an aggressive rate hiking cycle by the Fed has diminished.
