Daily Free Forex Signals For 05/05/2020
rfxsignals February 3, 2021 No Comments

The Euro is being pulled down again. Overview for 03.02.2021


EURUSD is back to falling in the middle of the week; market players are disappointed by the Euro Areaэ economic strength.

The major currency pair remains under pressure on Wednesday as the pair is back to falling. The current quote for the instrument is 1.2031.

The statistics published by the Euro Area and its members are against the Euro. At the same time, Washington’s clear-cut stance on the stimulus measures and active vaccination against the COVID-19 provides significant support to the GDP growth forecast.

Yes, a slump in the European economy in the fourth quarter of 2020 was a little bit better than expected. However, right now, it’s clearly seen that it might take the Euro Area about a year longer than the USA to go through the pandemic crisis, no matter what stimulus measures the alliance undertakes. For the Euro, it’s bad news.

There were no important statistics from the USA yesterday but investors were closely watching the progress in the House of Representative’s discussions of a stimulus package worth $1.9 trillion. The decisive vote is ahead but the matter is looking already settled except for some details.

There will be a lot of macroeconomic data today: the Services PMI from the Euro Area and Germany for January, the Core CPI Flash Estimate from the Euro Area for January, which is expected to boost, and the first several reports on the American labor market for January as well. In the evening, the currency market may become more volatile.