EURUSD stopped falling. Overview for 06.02.2020

After almost reaching the lows of January 2nd, 2020, the major currency pair stopped falling. But it looks like not for long.

On Thursday afternoon, EURUSD stopped falling, but investors realize that it’s not for long. The current quote for the instrument is 1.1004.

In today’s speech, the ECB Governor Christine Lagarde paid attention to the fact that the Euro Area’s economy seemed pretty stable and continued expanding as expected. According to the ECB, consumption is recovering and improving, while the employment market shows the most stable numbers over the last 12 years. 

At the same time, the GDP growth is quite slow, although stable, and that’s in Lagarde’s opinion eliminates the risks related to the coronavirus outbreak in China. 

Inflation in the Euro Area remains weak, but the CPI will remain low as long as the GDP growth rate is slow. Stable inflation is still one of the top priorities for the European regulator. 

The statistics from the USA look good. The ADP Non-Farm Employment Change showed 291K in January against the expected reading of 157K. 

The Final Markit Services PMI in the USA expanded up to 53.4 points in January after being 53.2 points in the previous month. The ISM Non-Manufacturing PMI went from 55.0 points in December to 55.5 points in January.