Yesterday, the EUR/USD pair gained some strength and was able to incline above the psychological level of 1.3000 after the flow of upbeat fundamentals from the euro area region, in addition to the optimism that dominated the market after the Chinese service sector expanded sharply in the month of December.
The euro appreciated in the past session after the German unemployment report showed that the unemployment rate unexpectedly dropped to 6.8% from 6.9% in December. In addition,Francewas able to sell bonds successfully yesterday, where despite the slight incline seen in yields, they remain low and considered sustainable.
Today, the focus will be on the performance of the European services sectors, which could make the image clearer whetherEuropeis going through a “mild recession” or shall it be a deep recession or maybe a depression.
Germanywill start the day at 08:55 GMT with the final PMI Services index for December, which could have lingered at 52.7.
The euro zone will join the session at 09:00 GMT with the PMI Composite and Services final indexes for December, where both indexes are expected unchanged at 47.9 and 48.3 respectively.
At 10:00 GMT the euro-area region will provide markets with the annual CPI estimate of December, where inflation is expected lower at 2.8% from 3.0%.
TheUnited Stateswill join the session at 15:00 GMT with the factory orders index for November, which could have expanded by 2.0% from the previous drop of 0.4%.
Originally posted here
