On Tuesday afternoon, the EUR/USD pair is trading downward, as the published statistics are inconsistent.
The single European currency is receding on Tuesday afternoon. The current quotation of the EUR/USD pair is 1.1005. A little while longer, and the instrument will be ready to "storm" the February lows.
Today Germany is publishing macro statistics. GDP in the fourth quarter of 2015 grew by 0.3% q/q (2.1% y/y). The data is completely in line with expectations. In addition, Ifo calculations have been published. The expectations index in February fell to 98.8 points against the forecast of 101.6 points. The current conditions index this month strengthened to 112.9 points against the forecast of 112.0 points. The business climate index in February, "dipped" to 105.7 points despite the fact that economists expected a level of 106.7 points.
The bearish momentum in the euro/dollar formed the day before, when a set of factors came together. On the one hand, poor statistics for the euro area and anxiety regarding the possible UK exit from the EU, on the other - the increased interest of investors toward "safe" currencies. At the same time, American statistics did not stand out in force. The manufacturing PMI index in the US in February was weaker than in January. This is not very positive.
The focus of capital markets is also on the oil sector. On Thursday, new information is expected about the idea of freezing oil production in January figures. Everything that has been said on this subject before, has not been confirmed the facts. Investors are nervous, because this news is already included in the prices.
RoboForex Analytical Department
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