IForex Daily : April 10, 2014

 | Apr 10, 2015 05:22AM ET

The dollar remained supported after New York Federal Reserve President William Dudley said Wednesday that the timing of a rate hike depends on economic data and added that a rate hike in June could still be possible, if the labor market recovery remained strong.

Wednesday's minutes of the Fed's March meeting showed that several officials believe the economic outlook is likely to warrant an interest rate hike in June.

Never the less the euro gained some strength because Greece managed to repay its 450 million euro loan to the International Monetary Fund on Thursday.

Today investors will focus on Manufacturing and Industrial Production data from the Eurozone and on FOMC Member Speech and Export and Import Price Index from U.S., for market guidance.

EUR/USD

Although Greece fulfilled its obligation to repay an euro 450 million loan to the International Monetary Fund on Thursday, the euro continued its descent against the dollar, as IMF head Christine Lagarde sidestepped questions on whether she believes Athens will default on its next series of payments.

In fact Greece will still have to pay the next loan to the international financial organization on May 11, as part of its first bailout program for Greece in 2010.

So Athens is continuing talks with its troika of creditors, the IMF, the European Central Bank and the European Commission in an effort to receive a stimulus package that could help the beleaguered European nation stave off bankruptcy.

But on Friday the euro was steady against the U.S. dollar, hovering close to a three-week low as demand for the greenback remained supported by hopes for a U.S. rate hike by the middle of the year.

Today investors will focus on Manufacturing and Industrial Production data from the Eurozone and on FOMC Member Speech and Export and Import Price Index from U.S.