07 Feb 2020
The EUR/USD pair hit the lowest mark since October on Thursday ahead of the release of U.S. Non-Farm Payrolls. The pair trades below the 1.10 mark after a disappointing result for German industrial output in December at -3.5%.
On Thursday the EUR/USD dropped to 1.0964 -- a new four-month low.
Official data confirmed a decline in German Industrial Production hinting at a steadied pace for Germany’s recession. Information showed -3.5% month-on-month.
Concerns about Brexit are weighing on the British pound and pushing the GBP/USD to be traded close to the 1.2950 region. With the U.S. Non-Farm Payrolls released later on, the USD remains strong.
Sellers are targeting November 22nd, 2019, low near 1.2820, as they search for entry below 100-day SMA, now around 1.2900.
The Cable bounced off-late on Thursday, which currently trades at 1.2940.
As the UK and the EU continue negotiation talks to try and reach a trade deal, British retailers saw a surge in sales – the highest in six years. This rise helped the pair pick up its pace and supported for a recovery.
Traders now await the publication of January’s employment data from the U.S.to measure the USD’s strength. Additionally, the latest Brexit news will also be an influential factor for the pair.