Dennis Lockhart, the president of FBI in Atlanta, shared his uncertainty upon perspectives of US economic development in his last week commentaries. However, he expects to see the beginning of the interest rate increase of Federal Reserve System in this year. William Dudley, the head of FBI in New York, noticed the weakness of report on employment of population, nonetheless, the growth of vacancies within the range from 120 000 to 150 000 helps to decrease the level of unemployment. Also Dudley is among the group of officials who are expecting the rise of interest rates by the end of 2015. Meanwhile USD weakened against EURO reaching three-week minimum.
EURO gained strength pretty fast after low trading balance of Germany had appeared. EURO took advantage of USD weakness unlike many other major currencies and gained strong position.
According to protocols from ECB session, all members have single opinion upon increase of descending risk of inflation. It is noted in protocols that liquidity is too slow in strengthening economic activity. Meanwhile, ECB representatives think that it is too early to estimate the influence of these events on inflation in European Union.
Attempts to test the strength of 1.3000 were detected on EUR/USD pair. This level was successfully reached on last week and the pair settled above. Generally, technical figures signalize the extension of Bull movement.
EUR/USD is in position of structural correction. Probably, the pair will continue to correct until 1.1450. The possibility of testing 1.1580 from below also should not be excluded. Then the new wave of decrease may develop with target 1.1000.