EURUSD is heading upwards. Overview for 02.02.2022

EURUSD continues rising; the risk attitude pushes the asset upwards.

The major currency pair is strengthening in the middle of the week. The current quote for the instrument is 1.1288.

Risk attitude in global financial markets is now pretty high – that deprives the “greenback” of the support it got used to and helps the Euro to rise. 

The statistics published yesterday are looking rather mixed so far. The final Markit Manufacturing PMI report for January showed 55.5 points against the expected reading of 55.0 points. The ISM Manufacturing PMI dropped to 57.6 points after being 58.7 points in December.  

Apart from the labour market statistics from the US, market players are also expecting the European Central Bank meeting scheduled for Thursday.

As for the numbers, investors might as well check the forecasts, which are looking quite positive. But when it comes to the European regulator, their expectations are way too different. 

There is a chance the ECB might be very patient and tactful in its inflation-related comments. In this case, investors could consider this stance weak and play against the Euro. On the other hand, the regulator might sound “hawkish” and support the European currency. 

Possibly, market players could decide to stay away from any active movements in anticipation of the ECB meeting to save strengths.