The main currency pair received some part of the statistics in the afternoon and right now is saving strengths in anticipation of the US Federal Reserve decisions.
The EUR/USD pair is slowly growing after the Eurozone published some rather mixed statistics. The current quote for the instrument is 1.2450.
The preliminary Inflation Rate report says that the indicator decreased up to 1.3% y/y in January after being 1.4% y/y the month before. As they said earlier, the CPI might be slowed down by expensive Euro. The Core Inflation in the region in January was 1.0% y/y, which is a bit better than 0.9% y/y in the previous month. In general, the situation doesn’t change a lot – the trend is still rising, but the growth rate continues setting more questions than providing answers.
The Unemployment Rate in the Eurozone in December didn’t change and remained at 8.7%, the same as in November. Probably, the reason is a seasonal factor.
The EUR/USD didn’t respond very actively to these reports, because investors already knew the correlation between the inflation slowdown and the Euro rally. Apart from this, they remembered pretty well Mario Draghi’s comments made last week, who said that the regulator wasn’t going to target the currency exchange rate, although it considered the rate to be an uncertainty factor.
Another meeting of the US Federal Reserve will be over tonight. Janet Yellen, who is “hosting” the meeting for the last time as the Chairwoman, is not expected to say anything surprising. All necessary comments will be made later by Jerome Powell, Yellen’s successor.
RoboForex Analytical Department