EURUSD has been correcting and moving away from the local lows for the second consecutive trading session.
The major currency pair continues recovering after plunging earlier this week. The current quote for the instrument is 1.0969.
A plunge in EURUSD was the result of investors’ demand for “safe haven” assets, the situation which is very good for the “greenback”. Another factor that supported the USD was the labour market data published last Friday. Most of the parameters improved, signalling the economic stability – the country is ready for the upcoming rate hike.
Now let’s talks about the numbers published recently. The Euro Area reported on its GDP in the fourth quarter of 2021, which showed 0.3% q/q and 4.6% y/y, the same as expected. The US published some minor reports, for example, the NFIB Small Business Index, which dropped to 95.7 points in February after being 97.1 points the month before. However, it’s quite normal considering inflation boost and geopolitical tensions.
Today’s economic calendar doesn’t offer important data. However, on Thursday the US is scheduled to report on the Consumer Price Index, while the European Central Bank is going to have another meeting. as a result, the major currency pair may get more volatile.
Source: Roboforex
