IForex Daily : April 27, 2014

 | Apr 27, 2015 04:10AM ET

The dollar ended last week lower against most major currencies for a second consecutive week after a new batch of weak economic indicators creates worries over the health of the U.S economy and the timing of a potential interest rate hike. The Commerce Department reported Friday that orders for durable goods, excluding aircraft, fell 0.5% in March, after a downwardly revised 2.2% drop in February. In Riga, where the euro group convened on Friday, the Greek prime ministre accepted intense criticism that he is waisting time in providing the required reforms. The first of two IMF payments are due on May 6 and the government still doesn't know if it has enough money to pay pensioners and state employees this week. In the week ahead investors will be looking to Wednesday's Fed statement for clues on the possible timing of a rate increase. Investors will also be focusing on Wednesday's preliminary reading on U.S. first quarter growth.

EUR/USD

The euro gained ground against the dollar on Friday as weak U.S. data on durable goods orders excluding aircraft, fell 0.5% in March and added to worries over the outlook for the recovery, lowering expectations for a potential interest rate hike in June. The data came after recent weak reports on home sales, retail sales and industrial production, adding to signs of a slowdown in economic growth since the start of the year. The euro is also under pressure as concerns over the Greek debt negotiations continue. Euro area finance ministers said Friday that Greece must present a full economic reform plan by early May in order to access any further funding. In the week ahead investors will be looking to Wednesday's Fed statement for clues on the possible timing of a rate increase. Investors will also be focusing on Wednesday's preliminary reading on U.S. first quarter growth.