Here we gathered the best and the worst performers of the week and the most volatile pairs .
Euro and pound demonstrate multi-week minimums as greenback is still firm
On Thursday, the common currency and the UK pound headed south to multi-week minimums versus the firmer greenback because dismal economic data out of the euro zone as well as fears over Brexit put pressure on market sentiment.
Eventually, the currency pair EUR/USD tumbled by 0.1% concluding the trading session at 1.1249, which appears to be the weakest outcome since mid-November. It occurred because of data disclosing that Germany’s GDP stood still in the fourth quarter, following a 0.2% tumble in the previous quarter.
It means the euro zone’s leading economy successfully dodged a technical recession, although it hasn’t managed to expand since June. In fact, the data underlines hopes that the ECB will still be highly accommodative in 2019.
Demand for the US currency persisted after data indicating sustained strength in core American inflation.
While headline American inflation demonstrated its weakest tempo for 1-1/2-years in January, investors closely watched the core price indicator that was soaring for the third month in a row, backing the evergreen buck.
Earlier this year the evergreen buck was impacted by the Fed’s shift to a cautious policy stance. Nevertheless, the latest data hinted that the US major financial institution will require staying vigilant on pricing pressures even as it adjusts to increased surge risks.
The UK currency was on the back foot. The currency pair GBP/USD dipped by 0.14% ending up with a one-month minimum of 1.2824 ahead of a parliamentary vote later in the day on British Prime Minister Theresa May's plan for a deal with the European bloc on the terms of its departure from it. The United Kingdom is expected to depart from the European Union on March 29.
Versus the Japanese yen the evergreen buck was intact, with USD/JPY showing 111.03.
The European Central Bank will meet today to discuss the current monetary policy and the fate of the quantitative easing program
Canada will publish the headline and core retail sales on January 24 at 15:30 MT time.
Canada will publish its monthly GDP growth rate at 15:30 MT on January 31.
The famous pharma giant Pfizer is going to release its earnings report on January 28 at 17:00 MT time.
The Bank of England’s interest rate announcement and monetary report will be out at 14:00 MT on January 30.