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USD - Major events in the week ahead

Events that marked the week:

On Monday ISM Non-Manufacturing PMI data was published. The NMI® registered 59.5 percent, which is 0.4 percentage point lower than the January reading of 59.9 percent. According to the NMI®, 16 non-manufacturing industries reported growth. The non-manufacturing sector reflected the second consecutive month of strong growth in February. The decrease in the Employment Index possibly prevented an even stronger reading for the NMI® composite index. The majority of respondents’ continue to be positive about business conditions and the economy.

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EUR/USD Weekly Forecast - 12 March - 16 March

Events that marked the week:

Focus of the Thursday's session was on ECB interest rate decision and the following press conference. The European Central Bank dropped a long-standing pledge on Thursday to increase its bond buying if needed, taking another small step in weaning the euro zone economy off its protracted stimulus. Keeping its broader policy unchanged, the ECB said it could still extend its 2.55 trillion euro ($3.16 trillion) bond purchase scheme beyond September if needed. But it skipped a reference to bigger purchases, a signal that it remains on track to end a three-year-old stimulus scheme before the end of 2018.

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GBP/USD Weekly Forecast - 12 March - 16 March

Events that marked the week:

Monday's session brought UK Services PMI figures. UK service providers experienced a modest rebound in business activity growth during since May 2017. The seasonally adjusted IHS Markit/CIPS UK Services PMI® Business Activity Index registered 54.5 in February, up from 53.0 in January, to signal the strongest rate of service sector output growth for four months. Higher levels of business activity were attributed to the resilient economic backdrop and an associated upturn in new work.

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AUD/USD Weekly Forecast - 12 March - 16 March

Events that marked the week:

From Australia, on Monday, Building Approvals figures were released. The trend estimate for total dwellings approved rose 0.1% in January after falling for three months. The seasonally adjusted estimate for total dwellings approved rose 17.1% in January. The trend estimate for private sector houses approved fell 0.1% in January and has fallen for four months. The seasonally adjusted estimate for private sector houses fell 1.1% in January. The trend estimate for private sector dwellings excluding houses rose 0.4% in January after falling for two months. The seasonally adjusted estimate for private sector dwellings excluding houses rose 42.2% in January. Read more...

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