The Euro has been falling for the entire week. Overview for 10.02.2017

The main currency pair continues retreating on Friday after making a short pause yesterday; the Euro has been under pressure for the fifth consecutive trading session.

The EUR/USD pair is still being sold, one day more actively, another day vice versa. The current quote for the instrument is 1.0639.

Investors barely responded to the yesterday’s statistics on the employment. The weekly report showed that by February 4^th the Initial Jobless Claims decreased up to 234K after being 246K the week before and against expectations of                 249K. The indicator is volatile, although such significant variance from the forecast might have been accepted more sensitively.

Today’s statistics from France also wasn’t too inspiring to anyone. The Industrial Production in December 2016 lost 0.9% m/m after adding 2.4% m/m in the previous month and against expectations of -0.6%m/m.

However, the market is paying almost no attention to this news and focusing on the information form the USA. Yesterday, Donald Trump. The American president, said that a new tax calculation scheme, which was already called “awesome”, would be published within several weeks. There are no any details right now, but they say that the American tax system will be changed drastically. In general, it was one of the Trump’s ambitions, the question is whether the country’s economy and population can afford it.

All this provides strong support to the USD, which was almost given up on, because it was too expensive and might prevent the plans of the new presidential Executive Office from being executed. However, the market shows that, with all other things being equal, its sympathy for the USD overweighs everything else.  

RoboForex Analytical Department