EUR/USD: Extending losses

US consumer data will be the main focus today following disappointing German economy data, Yohay Elam from FXStreet reports. The EUR/USD pair is trading at  1.0835. 

Key quotes

“The German economy stagnated in the fourth quarter of 2019. Economists expected an increase of 0.1%. Yearly growth is a meager 0.4%, worse than estimates from Berlin.”

“Markets expect the American shopping spree to have extended into 2020. Expectations stand at an increase of 0.3% in the headline figure.”

“The University of Michigan's preliminary Consumer Sentiment Index for February is set to show a minor decline from January's 99.8 score – but that would still reflect robust optimism.”

“As news related to the respiratory disease continues through the weekend, investors may prefer caution ahead of the close. That may push equities lower and cause some to seek the safety of the US dollar.”