Valeria Bednarik, chief analyst at FXStreet explained that the American dollar kept falling this Wednesday, still weighed by FED’s Yellen comments on Tuesday, stressing the need for a cautious stance on interest-rate increases.
Key Quotes:
“The EUR/USD pair rose to 1.1364 in spite of weak data coming from Europe as the EU economic sentiment indicator decreased to 103.0 in March, missing expectations. Consumer confidence in the same month held steady at -9.7. Markets also ignored data from the US, showing that the private sector added 200,000 jobs in March according to the ADP survey, beating expectations, whilst February reading suffered a modest downward revision to 205,000.
The dollar bounced some after FED´s Evans said that the accommodative policy is still appropriate, and that two interest-rate hikes are possible this year, given the strength of the US economy. Seems US policy makers are determinate to confuse investors. Nevertheless, the dollar is poised to end the day sharply lower against all of its major rivals.”
(Market News Provided by FXstreet)