EUR/USD: Dollar fueled by upbeat ADP – Bednarik
|Mixed economic data from the European Union and US ADP beating the forecasts of private jobs creation have sent the pair to the brink of 1.1000. EUR/USD is clearly bearish, in the opinion of FXSteet Chief analyst Valeria Bednarik.
Key quotes
“January Services PMI resulted in 54.2 in Germany, which met market’s expectations. However, EU December Retail Sales fell by more than anticipated, down by 1.6% in the month and posting a modest 1.3% annual advance.”.
“The US has published its ADP survey on private jobs’ creation, which resulted in 291K almost doubling the market’s expectations in January.”
“EUR/USD is trading at daily lows near the 1.1000 level ahead of Wall Street’s opening, clearly bearish in the short-term.”
“The pair has bottomed in January at 1.0991, although stronger support comes at 1.0980 a relevant low from last November.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.