On Tuesday, 26th of January, the EUR/USD pair consolidates near the mark of 1.0850, by adding about 0.05%. As Reuters notes, “the major currencies did not stray far from recent ranges as investors were cautious ahead of the outcome of the Federal Reserve's two-day policy meeting beginning later in the session.
This morning the EUR/USD pair slides to lows near to the level of 1.0870 ahead of releasing German ZEW Economic Sentiment index at 10:00 GMT. Analysts expect a significant decrease from 16.1 to 8.2. A fresh wave of risk appetite is hurting the euro, prompting spot to abandon the area above the mark of 1.0900 and initiate a correction lower to the current 1.0880/70 band.
On Friday, the euro closed the day above the key mark of 1.090. The maximum was reached about the level of 1.0931.The European currency got benefits due to very weak economy data from the US. The US Industrial Production plunged 1.8% year-over-year - the fastest pace of collapse since May 2008 and a level that has never not produced a recession.
On Thursday, we observed a rally in the euro. During the European trading session, the EUR/USD pair had breached the key mark of 1.090. The maximum of the day was near to the level of 1.09420. However, from beginning of the American trading session, the euro started to lose its gains.
Hello and welcome to HiWayFX market news for January 12th 2016