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EUR/USD: wait and see ahead of NFP's - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair advanced up to a daily high of 1.0939 this Tuesday, but was unable to advance further beyond the top of its recent range, easing towards the current 1.0890 region, where short term buying interest surged again.

    Key Quotes:

    "The pair recovered above the 1.0900 as the dollar was under pressure against all of its major rivals, exception made by the Aussie, hit by the RBA early Asia. The data front didn't help the EUR as the Producer Price Index in the region fell by 0.8% in December, compared to the previous month, and edged down to -3.0% compared to a year before. In Germany, however, unemployment fell to its lowest since German unification, down to 6.2% in January.

    In the US, Kansas FED's George repeated that upcoming rate hikes will depend on the economic outlook, and that the Central Bank should continue with a gradual pace of rate hikes. Also, oil prices plummeted, with WTI futures briefly falling below $30.00 a barrel, spurring some risk aversion and sending worldwide stocks into the red.

    As for the pair, the EUR/USD continues pressuring the top of its recent range, but remains unable to break higher, moreover as investors entered wait-and-see mode ahead of the US Nonfarm Payroll report next Friday."
    For more information, read our latest forex news.
     

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