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Old 04-02-2021, 15:56
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/USD. February 04, 2021 Euro remains weak at 1.20

The EUR/USD pair continues to update local lows, trading below 1.20. Market participants continue to monitor forecasts for GDP growth in the eurozone and the United States, where European countries are clearly losing. Last week, worsened expectations for German GDP this year were published, and traders are now very attentive to any data from the FRG, projecting them to the entire eurozone as a whole.

Earlier Germany published the final data on the index of business activity in the service sector for January, where the indicator was 46.7 points against the previous level of 46.8. The same figure for the euro area rose to 45.4 points from the December value of 45.0.

The preliminary calculation of inflation in the euro area reflected an increase in the indicator by 0.9% (y/y), while the forecast assumed an increase of 0.6%. Core inflation in the region accelerated even more by 1.4% y/y, while expected to rise by 0.9%.

At the same time, the US dollar was supported by yesterday's positive statistics from ADP. The January report on the number of jobs in the private sector showed an increase of 174 thousand against the forecast of 48 thousand. It should be assumed that tomorrow's report on the US labor market will also exceed the expectations of traders
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