The Euro remains close to its seven months’ highs. Overview for 26.01.2017

On Thursday afternoon, the EUR/USD pair is stepping back a little bit, but the Euro will remain strong as long as the USD lacks support.

The EUR/USD pair is slowly falling on Thursday afternoon. The current quote for the pair is 1.0725. This week’s high was at 1.0774.

Lack of any clear moves by Donald Trump’s Presidential Executive Office forces the USD to remain “in the shadow”. Investors, who already responded to Trump’s pre-election promises and included them into prices, would like to see facts and consequences. Until that, there are no reasons for the USD to earn their sympathy.  

The daily statistics published by Germany reported that the GfK Consumer Confidence in February increased up to 10.2 points after being 9.9 points in the previous month and against expectations of 10.0 points. The indicator shows that the consumer confidence may revive a little bit next month: the report components take into account the readiness of the population for big-budget purchases, evaluate wealth, etc.

Most of the important statistical reports from the USA will be published later this evening. One should pay attention to the Goods Trade Balance and the Wholesale Inventories in December 2016.

But the most interesting things are going to happen tomorrow: the USA will publish the GDP Growth Rate over the previous quarter – this is where the USD may find support that it desperately needs.

RoboForex Analytical Department