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Activity in the Leading Sectors of the EU Economy is Recovering

1/5/2023 1:02 PM

After the publication of macroeconomic statistics in the euro area, the EUR/USD pair develops a positive trend, holding at 1.0610.

Thus, inflation in France slowed down in December to 5.9% from 6.2% earlier, although analysts expected an acceleration to 6.4%, Spanish Service PMI reached 51.6 points from 51.2 points earlier, and Service PMI in France was 49.5 points, up from 49.3 points last month. The service sector in Germany strengthened the most, to 49.2 points from 46.1 points, which allowed the EU's overall value to adjust to 49.8 points from 48.5 points.

The American currency maintains last year's dynamics: for the fifth day already, there is practically no volatility in the asset, and the dollar is holding around 104.000 in the USD Index against domestic political problems. Republican Party leader Kevin McCarthy's vote for Speaker of the US House of Representatives has failed for the sixth time. He won the support of only 201 party members with the required majority of 218 votes, while the Democrats unanimously supported the candidacy of Hakeem Jeffries. The next vote is scheduled for today, but the work of the lower house of Congress has been suspended. The White House, commenting on what is happening, said President Joe Biden does not plan to interfere in the election process. As for statistics, the November JOLTS report, as expected, reflected a decrease in vacancies in the national labor market to 10.458M from 10.512M a month earlier, putting additional pressure on the dollar.

The trading instrument continues its corrective growth on the daily chart, confidently staying in an upward corridor.

Technical indicators point to a possible slowdown in growth but keep a buy signal: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram forms new corrective bars in the buying zone.

Resistance levels: 1.0700, 1.0910. | Support levels: 1.0530, 1.0330.

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