Big Picture: a major news is coming.
The currency market quotations are in the range on the major pairs, which is actually since the beginning of November of last year as the market still waits for a trend.
On Tuesday morning, the news about reduction of the Chinese economy forecast increases the chances of a US-China trade agreement and mutual reduction of duties. However, it also reduces the positive effect of the agreement.
The US market has exhausted its growth potential and further move "sideways" before the crisis.
British Prime Minister May is making recent attempts to save an agreement with the EU but the result will most likely be a postponement of the British release date from the EU during the voting in the British Parliament March 12th to 13th (March 29 term). In turn, this is positive for the markets.
On Wednesday, there will be a report on employment from ADP and the Fed report "Beige Book" in the US. Most likely, we will see signs of a slowdown in the US growth.
On Thursday, the ECB meeting on monetary policy exemplified a slowdown in growth as it is visible in the eurozone, which is a challenge for the ECB. In fact, its super soft policy no longer works.
We are waiting for the euro trend, either a breakthrough at 1.1425 or breakdown at 1.1230.
The material has been provided by InstaForex Company - www.instaforex.com