EUR/USD consolidates weekly losses below 1.0700 after being rejected at 1.09

EUR/USD is about to end March with the worst weekly performance of the current year. Today the pair remained steady, moving in a 30-pips range between 1.0700 and 1.0670. 

It has been a volatile week for the pair. On Monday it climbed to 1.0905, reaching the highest since mid-November but immediately after that, it started to move to the downside. It bottomed on Friday, more than 200 pips below weekly highs at 1.0669, a 2-week low. The move trimmed most of March gains and represented a rejection from above 1.0900. 

While the US dollar continued its recovery after losing ground following the March FOMC meeting, the euro weakened. The European currency was among the worst performers during the week. 

Week ahead 

Next week, there will be two key events for markets in the US. First, on Wednesday, the Federal Reserve will release the minutes of its latest meeting when it rose rates by 25bp. And on Friday, the US official employment report will be released with the change in non-farm payrolls for March. 

In the Eurozone, the ECB minutes will also be published on Wednesday. Recent media reports talking about the ECB exit strategy could add extra attention to the minutes. Economic reports include: employment data (Monday), retail sales (Tuesday) and German factory orders (Thursday).