On Wednesday afternoon, the main currency pair is trading very sluggishly, as investors analyze the statistical flow.
The euro/dollar on Wednesday afternoon continues to walk in a very narrow trading range. The current quote of the main currency pair is 1.0924 (+ 0.06%).
Today the market has already started to receive the promised interesting block of macroeconomic statistics. The Eurozone presented data showing that the index of business activity in the service sector in January was 53.6 points, in line with expectations. For Germany, this figure was at 55 points, with expected growth to 55.4 points. France reported on the activity in the non-manufacturing sector with a quite weak 50.3 points with the growth forecast to 50.6 points.
The service sector is rather mobile, and it responds quickly to changes in consumer demand. The more informative in terms of understanding the long term trends in the economy is still the report on sentiment in the manufacturing sector.
A bit later, the data on the pan-European retail sales was released. In December, the euro area index increased by 0.3% m/m (full match with the expectations). Yearly the indicator rose by 1.4% with expectations of growth by 1.5% y/y.
The second half of the day will have even more interesting statistic - the reports on the US employment market. As usual, the season begins with ADP figures on employment in the private sector, and on Friday we will see the official release on the unemployment rate and the number of claims for benefits.
RoboForex Analytical Department
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