The Eurodollar got stabilized. Overview for 29.01.2018

The main currency pair is starting this week quite smoothly, but the most interesting things are ahead.

On Monday morning, the EUR/USD pair is trading a little bit to the downside. The current quote for the instrument is 1.2416.

Overall, investors have already responded to the statistics published by the USA last Friday, which was pretty mixed. So, the Durable Goods Orders rose significantly in December, 2.9% m/m after adding 1.7% m/m (it was revised upwards) in November and against the expected reading of +0.9% m/m. However, one should admit that this report is not the best reason to make any snap judgements. For this indicator, it’s quite okay to plummet after a stable uptrend.

Well, if the Durable Goods Orders was taken positively, then the next report, the Preliminary Advance GDP, turned out to be confusing. In the fourth quarter 2017, the US economy expanded by 2.6% q/q, although it was expected to add 3.0% q/q. In the previous quarter, the indicator increased by 3.2% q/q. At the same time, the Preliminary Advance GDP Price Index added 2.4% q/q, which is better than expectations.

The USD wasn’t sold much, but investors weren’t too happy about the statistics neither. They know that the GDP reports are usually revised twice after the preliminary numbers and, as history shows, the statistics is getting better after each revision. Probably, this is why their response to the GDP report was not too emotional.

In the evening, the USA will report on the Personal Spending and Income in December, but it very is unlikely to make the EUR/USD pair more active.

RoboForex Analytical Department