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Old 08-02-2021, 15:09
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

GBP/USD. February 08, 2021 Sterling holds positions in highs

Quotes of the GBP/USD pair have continued to trade in a wide range of 1.3560-1.3760 for three weeks already. The current quote for the pair is 1.3700.

The pound managed to move away from the lows last week after the Bank of England meeting. The regulator said that the nationwide lockdown, which will last for almost two months, will have no impact on the economic outlook in the future, and the UK GDP will recover by the first quarter of 2022.

Moreover, the regulator noted that there is some discomfort from an overly inflated balance sheet, and this raises expectations of a faster decline in government bond purchases. This speaks of the likely further tightening of the monetary policy of the Central Bank, which will inevitably lead to a strengthening of the British currency.

Today the macroeconomic calendar is empty, so the pair will continue to trade near the 1.3700 level.

EUR/USD. February 08, 2021 Consolidation just above the 1.20 level

On Monday, the euro is falling moderately after the publication of economic reports from the euro area. In particular, the Sentix index of investor confidence in the eurozone economy in February fell by 0.2 points against the forecasted growth of 1.9 points. Industrial production in Germany in December remained at the level of November, while analysts had expected an increase of 0.3%.

Last Friday, it became known that the US Senate passed a bill allowing the adoption of a $1.9 trillion stimulus plan proposed by President Joe Biden without Republican support. This suggests that the final version of the stimulus bill may be agreed upon in March.

At the same time, weak statistics on the US employment market only accelerates the process of agreeing on the aid package. In January, the unemployment rate fell to 6.3% from 6.7% earlier, but this is where all the positive ends. Only 49 thousand new jobs were created outside the agricultural sector, with a forecast of an increase of 85 thousand.Average hourly wages in January grew by only 0.2% m / m against the forecast of growth by 0.3% and growth by 1.0 %.

The current quote for the EUR/USD pair is 1.2020. The macroeconomic calendar is empty for today, so the instrument will continue to move almost horizontally in the area just above 1.20.
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