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04.02.2019: Pound falls against US dollar (EUR/USD, GBP/USD)

At the start of the new trading week the US dollar attempted to recoup some of its losses and succeeded as traders did not want to buy EUR/USD. However, this pair continued trading near the recent highs.
The chart slid by almost 60 pips but remained above the level of 1.1440. The Fed’s plans to adopt the mild monetary policy approach provide support to the single European currency. This factor limits a further rise in the American currency. Furthermore, ECB official Ewald Nowotny soothed worries of market participants, saying that the EU economic growth is likely to pick up steam in the nearest future, so no recession is expected.
But the actual macroeconomic data proves the opposite. Today market participants absorbed the PPI report which showed that producer prices grew at a slower pace of 3% versus the previous 4% on a yearly basis. In monthly terms the prices declined by 0.8%. In addition, Sentix reported about deterioration of the investor sentiment. In February this index fell lower than expected. This news came amid ECB official’s comments about bright future for the economy.
Besides, the Brexit issue still poses risks. The divorce procedure seems to have no end, while Theresa May came up with yet another scenario of leaving the union. It is questionable whether she will be able to get approval from the EU policymakers and the Parliament. Thus, uncertainty regarding this issue persists.
As a result, the British national currency retreated from the recent highs and plunged below the level of 1.3060 against the US dollar.
Remarkably, the construction PMI report, which has minor impact on the market sentiment, also showed negative dynamics. The index fell to 50.6 points, hitting the 10-month low. Tomorrow the pound sterling will have a chance to recover if the services PMI report, the key gauge of economic health, encourages traders.
Today the European assets are unlikely to change the current position. There is no important news on tap that could shift the market sentiment. However, at the pre-market of the American session the US dollar has a chance to gain ground.

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