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New week begins with a strong dollar, Draghi speech eyed

The beginning of the new trading week is starting on the background of the corrective weakness of the US dollar. The dollar index ended the previous week's around 96.85, and this is a strong technical level. We can expect a corrective downward pullback. The question is how significant this pullback can be. In the middle of the European trading session, USD dollar index rolled back to the 96.55 zone and then moved to growth. EUR/USD pair displayed the session high in the 1.1380 zone, after which it has adjusted.

It should be noted that there are not so many reasons for Euro optimism, as the opportunities for EUR / USD growth remain limited. Last week, we received signals that the regulator intends to lower forecasts for the main economic indicators of the region. Data on Eurozone economic activity in the services and production sector only strengthened investors' expectations regarding the adjustment of forecasts for Eurozone economy.

Today, another block of statistics was published in Europe, which turned out to be mostly lower than forecast expectations. Germany's IFO Business Climate Index is 102.0 against the forecast of 102.3 and 102.9 a month earlier. Germany's business expectations index is 98.7 with a forecast of 99.2. Only the index of the current situation was 0.1 point higher than the forecast at 105., 3 points, but still the figure is lower than last month at 106.1.

Investors have so far shown a restrained reaction to the publication of statistics from Europe, as traders expect the release of more important news related to the ECB's report to the European Parliament on the state of the region's economy. As part of this report, a number of high-ranking bank officials are scheduled to speak, including Mario Draghi, head of the ECB.

Locally, the main support for the quotes is provided by recent reports that Italy is ready to make concessions to the EU and reduce the budget deficit for 2019 from 2.4% to 2.1-2.0%. But so far these messages have not received their official confirmation..

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