Good day forex traders.
Welcome to our weekly review of the EUR/USD.
In the previous forecast we noted that the currency pair was resting on the important region of 1.2. We need to monitor if the EUR/USD would face any bearish pressure in attempt of a recovery.
Looking at the EUR/USD daily chart above we note that investors have driven the price down below 1.2. A critical point to note is that the currency pair is now below the middle bollinger band which suggests possible bearish momentum.
In a report by BBC, it is stated that the poverty rate in US has dropped to pre crisis level. ”
A stronger US economy lifted American household incomes last year and drove the poverty rate down to the level seen before the financial crisis.
The median household income increased by 3.2% to $59,039 (£44,480), rising for a second consecutive year as more people found full time jobs.
At the same time, those living below the poverty line fell to 12.7%, the lowest since 2007, the US Census said.
Women’s earnings also rose relative to men’s for the first time in 10 years.
The US Census report, based on a survey of about 95,000 households, showed broad gains across most income, racial and ethnic groups.
The numbers reflect one of the longest economic expansions in US history, with more than six years of steady job growth. The unemployment rate fell to its lowest level since 2001 earlier this year.
According to the US Census report, the number of men and women working full time increased by 2.2 million from 2015 to 2016.
About 40.6 million people were living below the poverty line in 2016, defined as an annual income of about $24,500 for a family of four.
That number fell by 2.5 million from 2015, driving the poverty rate down from 13.5% to 12.7%. It was 12.5% in 2007. ”
Having said so, I would like to remind everyone that the US debt level is still rising. There are talks that it may be beyond the level of no return.
Many analysts are keeping an eye on the pace of US interest rate hikes by the US Federal Reserve. Federal Funds Rate is due this week hence do be mindful in case of any unexpected development.
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