Daily Market Review 4 of May
OVERVIEW

Again those who follow the news in the EU are bewildered. Everybody in the market was looking forward to the press conference of the head of the ECB where he was supposed to announce the perspectives of fiscal and monetary policy development of the region. The head of the ECB positively assessed the economy and at the same time he left an opportunity open for continuation of the easing of fiscal and monetary policy. The question about the investors’ capital is still pending. The next important report that is  coming soon is the report on the labor market of the USA in April. Then there will be results of the elections in Greece and France. Tentative analytic assessments tell that Francois Hollande has an advantage over an incumbent president of France Sarkozy. The similar survey in Germany couldn’t identify an obvious leader of the election campaign. The USA NFP is without a doubt one of the favorite statistical figures of market participants. But it is quite unlikely that the coming day will give the answers to the relevant questions. Apparently  the market put up with it, that’s why Friday is quite suitable for the short term positions and not so much for the midterm ones.

CURRENCIES

EURUSD

Yesterday the Euro didn’t leave the range of 1.3098 - 1.3180 and finished around 1.3152, closer to the upper limit. Technically this is the situation when the powers of those who sell and those who buy are more or less equal. Most likely Friday won’t bring any clarity and we perhaps are going to see quite nervous trading in the narrow range.