The EUR/USD pair remained under selling pressure throughout the week, extending its slide to a fresh 2024 low of 1.0722 on Monday.
United States macroeconomic data supports the Federal Reserve's wait-and-see stance. European Central Bank officials gave mixed signals, but rate cuts remain out of the table. EUR/USD remains under selling pressure and could fall towards the 1.0550 price zone. The US Dollar momentum, however, receded as days went by, resulting in EUR/USD ending the week pretty much where it started it, around 1.0780.
The Hamburg Commercial Bank released the final updates of the January Services and Composite PMIs, which confirmed the Eurozone economic activity remained in contraction territory at the beginning of 2024. News coming from Germany were mixed, as Factory Orders rose 8.9% in December, beating expectations, although Industrial Production in the same month declined 1.6%.
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