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The Economic Calendar Puts the EUR and the Greenback in Focus

For the EUR

It’s a busy day ahead on the economic calendar. Key stats due out of the Eurozone include December factory orders out of Germany.

We can expect the figures to provide direction ahead of the ECB’s Economic Bulletin and the EU’s economic forecasts.

Both reports will give some more color on the outlook and whether the Eurozone economy did, in fact, bottom out at the turn of the year.

For the USD

Key stats due out of the U.S include 4th quarter unit labor costs and nonfarm productivity numbers. The weekly jobless claims figures are also due out later this afternoon. The numbers will need to be on the positive side to continue supporting the Dollar at current levels.

https://www.fxempire.com/news/article/the-economic-calendar-puts-the-eur-and-the-greenback-in-focus-631130

Here is what you need to know on Thursday, February 6

Upbeat US data has pushed the US dollar higher, mostly against the euro and the pound. The ADP employment report showed a leap of 291,000, and the ISM Non-Manufacturing Purchasing Managers’ Index exceeded estimates with 55.5 points. The figures raise expectations ahead of Friday’s Non-Farm Payrolls

Europe: Christine Lagarde, President of the European Central Bank, has reiterated that the outlook is uncertain. She speaks on Thursday as well. Phil Hogan, European Commissioner for Trade, visits Washington and will meet Robert Lighthizer, his American counterpart. EU-US trade relations remain sensitive.

GBP/USD remains torn between upbeat data – such as the upward-revised Services PMI for January – and concerns about post-Brexit EU-UK relations. Brussels will reportedly target London’s financial services sector with regulation changes. Both sides laid out different visions for a trade deal.

AUD/USD is gaining ground amid the upbeat market mood as traders ignore a disappointing drop in retail sales and lower than expected trade balance surplus.

https://www.fxstreet.com/news/forex-today-china-lifts-market-mood-by-cutting-tariffs-coronavirus-fears-fade-cryptos-climb-202002060640

According to Trading Central (3rd party RIA) the EURJPY could be heading DOWN to 117.78 if it does not go ABOVE 122.07

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10602386

Number of Lots:Required Margin:Risk Management (200%):Potential Profit/Loss 117.78
1€ 3,333.33€ 6,666.67€ 2,548.10
5€ 16,666.67€ 33,333.33€ 12,740.50
10€ 33,333.33€ 66,666.67€ 25,481.00
25€ 83,333.33€ 166,666.67€ 63,702.50
50€ 166,666.67€ 333,333.33€ 127,405.00

According to Trading Central (3rd party RIA) the GBPUSD could be heading DOWN to 1.2760 if it does not go ABOVE 1.3275

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10604119

Number of Lots:Required Margin:Risk Management (200%):Potential Profit/Loss 1.2760
1€ 3,937.78€ 7,875.57€ 2,055.02
5€ 19,688.92€ 39,377.83€ 10,275.09
10€ 39,377.83€ 78,755.66€ 20,550.18
25€ 98,444.58€ 196,889.15€ 51,375.45
50€ 196,889.15€ 393,778.30€ 102,750.90