The Euro pared its losses. Overview for 06.02.2018

The main currency pair resumed growing; investors took into account Mario Draghi’s comments and the statistics.

EURUSD quickly recovered after yesterday’s decline and has already recouped losses. The current quote for the instrument is 1.2422.

While delivering his speech yesterday, Mario Draghi, the President of the European Central Bank, said that the past volatility of exchange rates was too high. It created new obstacles for regulator’s representatives and made them pay more attention to what was happening on capital markets. Apart from this, Draghi noticed that the Eurozone hadn’t been able to reach its inflation targets, but the CPI was moving in the right direction.  

The statistics from the USA turned out to be excellent. Businesses are feeling pretty well, thus providing some long-term support to the USD. The ISM Non-Manufacturing PMI skyrocketed to the highs it reached in 2005 and was 59.9 points in January after being 55.9 points the month before. The components of the report show that the ISM Non-Manufacturing Prices and the ISM Non-Manufacturing Employment increasing as well, up to 61.9 points and 61.6 points respectively.

There will be more reports from both the USA and the Euro Area, but they are unlikely to influence the main currency pair behavior significantly.

RoboForex Analytical Department