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EUR is stuck consolidating


20 January 2023

EURUSD is going to consolidate. The current quote is 1.0810. In the nearest future the EUR might experience some local pressure because the weather in Europe has changed, and because gas prices are growing again. For the current heating g season, there are no risks. After all, the biggest part of winter has passed. However, investors might feel some tension.

The US employment market has given us a nice surprise. The number of unemployment claims this week has dropped to 190 thousands from 205 thousands, while the forecasts implied growth to 214 thousands.

These statistics are quite positive but the market has got questions. For example, when will we notice the flow of the unemployed generated by corps such as Microsoft. The most conservative view is that we will notice it in Q2. However, companies are cutting down on the staff so fast that we might notice it earlier. Today an eye shoud be kept on the PPI from Germany for December. Also the US will publish the December report about houses sold in the secondary market.

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