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Thursday, March 23rd
The EUR/USD pair failed to hold its recovered positions and fell back in early Europe to the region of its overnight lows, marked at 1.0782 spot, amid improved risk-on sentiments. However, pair’s further downside traction appears fragile, as cautious sentiments ahead of the Trumpcare bill vote are getting stronger, thereby providing the euro with some support. If the bill is not be approved by Congress, then it will raise concerns about D.Trump's ability to fulfill his election promises, which will become a key driver in the market in the mid-term projection. On the other hand, if Obamacare does not survive the vote, it will encourage investors to think about prospects of further fiscal reforms, that will return risk-off trend to the market. However, news that E.Macron widens the gap on the French presidential election race, leaving M.Le Pen behind, are positively influencing the euro lately. Looking ahead, today data from US housing market and few Fedspeaks will also be able to attract traders’ attention later in NA session.
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