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Old 01-02-2021, 16:27
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/USD. February 01, 2021 Euro declines amid weak statistics

The EUR/USD pair closed last week with a rise to the 1.2150 area. The euro was supported by the GDP data of the leading eurozone countries. In particular, France's GDP growth in December was 23%, exceeding the projected increase by 19%. Spain's GDP in the IV quarter added 0.4%, while experts had expected a decline of 1.5%. Germany's GDP also remained in positive territory at 0.1%. In Germany, in addition, the unemployment rate fell to 6%.

However, today the pair started to decline, which is also explained by the reaction of traders to the latest macro statistics. According to the Federal Bureau of Statistics Destatis, retail sales in Germany were down 9.6% in December from the previous month.

At the same time, the US continues to discuss a new package of measures to help the economy, which puts general pressure on the dollar. Market participants believe that the project will be criticized by the Republicans, who are unhappy with the huge volume and want to reduce it to $600 billion. However, the Ministry of Finance and the Federal Reserve still insist on the need for new incentives. In this case, the pair's rate can rush to new highs.
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