After updating its six-week high, EURUSD is correcting.
The major currency pair continues the correction on Friday afternoon. The current quote for the instrument is 1.2136.
The second estimate on the US GDP for the fourth quarter of 2020 published yesterday was rather neutral and showed 4.1% q/q against the first reading of 4.0% q/q and thфn expected one at 4.2% q/q.
The Durable Goods Orders report for January was pretty good – it showed 3.4% m/m after being 0.5% m/m the month before and against the expected reading of 0.9% m/m. it means that consumers are becoming more active, even at the time of seasonal promotions. It’s a good signal for both economy and production.
Another positive news came from the employment sector. The weekly Unemployment Claims report showed 730K after being 841K the week before and against the expected reading of 828K. This may probably be a correction after the last week’s increase but it is still very good.
There will be a lot of numbers today. the ones worth paying attention to are the Personal Spending and Income for January, with the latter expected to add 9.4% m/m, which would be excellent for the “greenback”. Also, there will be a revised report on the Consumer Sentiment for February published by the University of Michigan. So far, the statistics are looking quite good but market players want the US economy to be more stable.
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