Forex - EUR/USD weekly outlook: March 10 - 14

A A A - - The euro pulled back from two-and-a-half year highs against the dollar on Friday after data showed that the latest U.S. jobs report for February came in ahead of expectations.

EUR/USD ended Friday's session at 1.3877, 0.12% higher for the day. Earlier in the session, the pair rose as high as 1.3915, the strongest level since late October 2011. For the week, the pair advanced 1.03%.

The U.S. economy added 175,000 jobs in February, the Labor Department reported, well above expectations for 149,000 new jobs. The unemployment rate ticked up to 6.7% from 6.6% in January, as more people joined the workforce.

The jobs report eased concerns over soft U.S. employment and other economic data seen in the past few months. The strong figure indicated that the Federal Reserve is likely to continue to scale back its stimulus program, which has weighed on the value of the dollar.

The common currency rose to its highest level in two-and-half years against the dollar earlier after a report from the European Central Bank showed that banks in the euro area are set to repay a large portion of its emergency three-year loans next week.

The euro built on strong gains from Thursday, after the ECB's decision to refrain from any policy tightening dampened expectations for further easing by the bank.

The central bank left its benchmark interest rate unchanged at 0.5%, saying economic conditions did not support tightening.

ECB President Mario Draghi said the latest economic data indicated that the economic recovery in the euro zone is proceeding, and added that the bank was ready to take further action if needed.

Elsewhere, the euro rose to two-month highs against the yen on Friday, with EUR/JPY hitting highs of 143.79, before settling at 143.29, up 0.30%.

In the week ahead, U.S. data on retail sales and consumer sentiment will be in focus, while Germany is to produce what will be closely watched trade data.

Ahead of the coming week, has compiled a list of these and other significant events likely to affect the markets.

Monday, March 10

In the euro zone, France is to produce data on industrial production.

Tuesday, March 11

Germany is to release data on the trade balance, the difference in value between imports and exports.

Wednesday, March 12

The euro zone is to release data on industrial production.

Thursday, March 13

The ECB is to publish its monthly bulletin, which looks at current and future economic conditions from the bank's perspective.

The U.S. is to release data on retail sales and import prices, in addition to the weekly government report on initial jobless claims.

Friday, March 14

The U.S. is to round up the week with data on producer price inflation and preliminary data from the University of Michigan on consumer sentiment. offers an extensive set of professional tools for the financial markets.
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This article appears in: Investing , Forex and Currencies

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