EU Economic Forecasts are eyed by traders

EU Economic Forecasts are eyed by traders

The EUR might be pressed down by EU Economic Forecasts on February 11 at 12:00 MT time. 

What will happen?

The European Commission will make a report on Thursday, where it will share its long-term economic outlook. This time, investors don’t expect to hear something encouraging from authorities as the EU heads for a double-dip recession. The International Monetary Fund downgraded its projections for the Euro Area from 5.2% to 4.2%. It was caused by rising infection cases, new virus variants, longer lockdowns, and, more importantly, vaccine delays. According to ECB President Christine Lagarde, the recovery will take much more time than it was initially expected. 

How to trade on EU Commission’s report?

  • If the European Commission gives positive economic projections, the EUR will rise. 
  • Otherwise – drop.

Instruments to trade: EUR/USD, EUR/JPY, EUR/GBP

Check the economic calendar

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The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong. 

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