The EUR/USD currency pair moved in a rather stable manner during the previous trading week and managed to close the period almost on the opening level of Monday. The pair showed minor decline on Tuesday evening, as investors assessed the risk-off mood oscillation amid the latest moves of the People's Bank of China along with speeches of several central bankers. The next day, the shared European currency continue to lost momentum since its recently gained safe-haven status was undermined by increased risk appetite and higher demand for riskier assets after Chinese upbeat trade figures improved the sentiment. Meanwhile, Eurostat published November's industrial output data for the whole Euro zone. On a monthly basis, a drop of 0.7% was recorded in the reported period, while the gauge rose 1.1% year-on-year, with both figures worsened from the previous month. However, at the end of the week, the Euro rose significantly since markets absorbed a bunch of not so encouraging American macro data.
Following the neutral development of the pair during January 11-15 week, participants of our weekly Community Forecasts quiz decided to become more bullish on the pair. Norry stated that "The New Year has started with the rise of the EUR/USD, with commodities prices reaching deep lows. Some of the US data that usually moves the market have not had a great impact on this pair. Technically the pair is moving north." At the same time, AgentSmith claims that the EUR/USD will remain stable around current levels (1.08 - 1.09) till the end of the January. Among important fundamental factors, traders can pay attention to the US core consumer price index data, which will be published on Wednesday. The another important announcement is scheduled for Thursday– the ECB interest rate decision.
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