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Old 27-01-2021, 16:54
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/USD. January 27, 2021 Euro declines on negative fundamental background

The EUR/USD pair demonstrates multidirectional trading dynamics on Wednesday, fluctuating in the 1.2100-1.2180 price range. The current quote for the pair is 1.2115.

The euro was under pressure from negative news from Europe. In particular, in Italy, Prime Minister Giuseppe Conte resigned, the index of business sentiment in Germany from IFO dropped again, and Angela Merkel in Germany said that the country's governance had gotten out of control and spoke about the need for stricter restrictions.

Pressure on the European currency is also exerted by Europe's lag behind the United States in the speed of vaccination. Pfizer says it is ready to ship 200 million vaccines to the United States by the end of May (or 2 months ahead of schedule). But the supply of vaccines to Europe is being delayed due to the problems of the Belgian manufacturer AstraZeneca.

Today, the first US Federal Reserve meeting this year will take place and a press conference by Jerome Powell, who is trying to assure the markets of maintaining the monetary policy of the regulator. However, many analysts interviewed are confident that the scale of the QE program needs to be scaled back this year. So, further dynamics of the pair will depend on the results of the meeting.
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