This week, the ECB and the US Federal Reserve released data on changes in the money supply for February. Inasmuch as both Central Banks are actively sealing the day, both indicators have grown. In the United States, the growth rate was 27.1%, and in the eurozone – 12.3%. Therefore, in the United States the indicator is still twice high than in Europe, which is negative for the exchange rate of the American currency.

Now this event is ignored by the market, but in April investors will definitely win back this factor. This month, the US Treasury is withdrawing dollar-denominated liquidity from the financial system through treasury bond auctions. Against this background, we are witnessing the strengthening of the dollar. In April, the Finance Ministry’s auctions will be quite modest, and the dollar’s competitors will be able to catch up.

Investment idea: flat 1.1740-1.1840.