Euro Fell Below $1.24 Level
The EUR/USD pair continues to show limited movement. The euro fell by 0.26% against the US dollar today and is trading at $1.2398 level. The European single currency rose sharply last week after comments from ECB President Mario Draghi. The politician said that interest rates will not grow until the program for the purchase of assets of the ECB (QE), which was extended until September, is completed. Investors are worried that the stronger euro, which jumped by 3.3% in January, could damage the company's profits and exports.
The preliminary US GDP for the fourth quarter was disappointing. The indicator in 2.6% did not match the estimate (3.0%). The US economy grew 2.3% in 2017, compared to 1.6% in 2016. At the same time, growth in consumer spending also increased inflation. The personal consumption expenditures index increased by 1.9% in the fourth quarter, compared to 1.3% in the third quarter. Orders for durable goods in the US reached 2.9% in December, crushing an estimate of 0.6%. It was the highest win in six months.