EURUSD continues retreating and updating its four-month lows.
The major currency pair is still looking rather weak. The current quote for the instrument is 1.1780.
The European currency is still under pressure due to concerns about possible extensions of lockdowns in European countries. There are enough reasons for that – the media keeps talking about the start of the third coronavirus wave and that’s pretty serious even amid an aggressive vaccination campaign.
Sure, Germany decided not to keep all possible social restrictions for the Easter holidays but it didn’t make people happier. Shopping malls and other “offline” public places are still closed and the population is quite limited in getting around. In Italy and France, the situation is rather the same.
American statistics published yesterday were quite positive and helped the USD to get stronger. For example, the final estimate of the US GDP for the fourth quarter of 2020 showed 4.3% q/q against the previous reading of 4.1% q/q. It often happens to major American macroeconomic indicators: the first reading is revised twice, each time upwards due to the new data. The stronger actual reading for the American economy at the end of the last year is surely a positive signal.
The Unemployment Claims showed 684K over the last week after being 781K the week before and against the expected reading of 727K. Another significant improvement is mostly connected with the fact that the cold and snowy winter, which prevented businesses from their normal activities in February, is over and everything got back on its way to normal.
Today’s economic calendar has no important statistics from Europe. However, one should pay attention to the data on the Personal Income and Spending, as well as the Goods Trade Balance in the USA for February.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.