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03.02.2021 21:23

European session review: EUR mostly lower, weighed down by bleak outlook for Eurozone economy

TimeCountryEventPeriodPrevious valueForecastActual
08:50FranceServices PMIJanuary49.146.547.3
08:55GermanyServices PMIJanuary4746.846.7
09:00EurozoneServices PMIJanuary46.44545.4
09:30United KingdomPurchasing Manager Index ServicesJanuary49.438.839.5
10:00EurozoneProducer Price Index, MoM December0.4%0.7%0.8%
10:00EurozoneProducer Price Index (YoY)December-1.9%-1.2%-1.1%
10:00EurozoneHarmonized CPI ex EFAT, Y/YJanuary0.2%0.9%1.4%
10:00EurozoneHarmonized CPIJanuary0.3% 0.2%
10:00EurozoneHarmonized CPI, Y/YJanuary-0.3%0.5%0.9%
13:15U.S.ADP Employment ReportJanuary-123 174

EUR declined against most of its major rivals in the European session on Wednesday, weighed down by expectations that the Eurozone economy would show contraction this quarter due to extended European lockdowns.

Expectations for a decline in the euro area's economy in Q1 heightened after the releases of final services PMI readings for January, which all pointed to the continued contraction in activity in the services sectors of the block's largest economies. However, they were mostly better than feared. 

Meanwhile, Some support for the euro was provided by reports that Italy's president Sergio Mattarella called on former ECB's president Mario Draghi to form a new government as it is unclear if he will have enough support from politics after the country's largest party - the Movimento 5 Stelle (M5S) - indicated its opposition. Draghi accepted a mandate to form the Italian government.


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Forex is open 24 hours a day, 5 days a week (except national holidays), and it can be broken up to the following four regional markets: Australia and Oceania, Asia, Europe, and America. A Forex trading session opens at 23:00 GMT on Sunday in Japan and closes at 22:00 GMT on Friday in the USA.

 
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Sydney 21:00 06:00 00:00 09:00 00:00 09:00
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