Valeria Bednarik, chief analyst at FXStreet, explained that majors held within limited ranges this Monday, but the American dollar retained the negative tone, ending the day down against most of its major rivals, although commodity-related currencies were under pressure amid another negative day for oil.
Key Quotes:
"The EUR/USD pair managed to advance up to 1.1412 daily basis, but spent most of the American afternoon hovering around the 1.1400 level, unable to set to a clear directional bias. Data came in mixed, as in Europe, the unemployment rate declined to 10.3% in February from an upwards revised 10.4% in January, but producer prices fell by 0.7% in February, compared to the previous month, and down by 4.2% compared to a year before, indicating deflationary pressures are still high.
In the US, new orders for factory goods declined 1.7%, more than the 1.6% decline expected. This week, the FED will release the minutes of its latest meeting on Wednesday, while the ECB will do the same on Thursday, something that may lead to further range trading, but with a dollar still in risk of further declines."
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