EURUSD is planning to consolidate. Overview for 12.02.2021
EURUSD has significantly grown over the second February week and may consolidate on Friday.
The major currency pair has strengthened enough to take a break and look around. The current quote for the instrument is 1.2124.
The weekly report on the Unemployment Claims in the USA showed 793K after being 812K the week before and against the expected reading of 755K. The labor market statistics remain rather mixed, although one should admit that the numbers are getting better.
The monthly report from the European Commission says that the short-term economic outlook for the Euro Area is worse than expected earlier. According to the revised data, the region’s GDP in 2021 might add 3.8% after the first estimate of 4.2%. At the same time, long-term expectations have improved: the indicator may expand by 3.8% in 2022 against the previous estimate of 3.0%.
Inflation in Europe, as per the European Commission, may show 1.4% in 2021, which is worse than the first estimate of 1.1%. For 2022, the expected reading remains the same, 1.3%.
Later today, there will be several reports that market players may find interesting. For example, the Euro Area is scheduled to publish the Industrial Production for December, which might be quite useful for understanding what to expect from the economy at the beginning of 2021. Also, the USA is planning to report on the UoM Inflation Expectations, which may reach 80.8 points in February after being 79.0 points the month before.