EUR is still waiting. Overview for 25.01.2024

The primary currency pair is still in a consolidation phase on Thursday. The current EURUSD exchange rate stands at 1.0875.

Yesterday's statistics from the eurozone were mixed. The manufacturing PMI rose to 46.6 points in January from the previous 44.4 points, while the services PMI decreased to 48.4 points in January from 48.8 points earlier.

These varied sentiments may be attributed to the beginning of the year and a low season in the non-production sector.

The US data appeared robust, with the services PMI rising to 52.9 points in January from the previous 51.4 points. The manufacturing PMI increased to 50.3 points, although it failed to surpass the psychologically crucial threshold of 50 points earlier, distinguishing a decline from growth. This is positive news.

Today is an important day, with the US gearing up to release the first GDP estimate for Q4 2023. The economic growth rate will likely prove to be twice as low as in the previous quarter, leading to high volatility in the EURUSD.