Central banks monetary policy has given little reason for the EUR to recover against the mighty USD for the best part of 23 months. The struggling Eurozone economy and weak inflation have cause the ECB to maintain an extremely accommodative policy with ultralow interest rates and even the resumption of QE. Eurozone GDP figures hit the wires on Thursday morning which investors will show signs of improvement on recent data. Traders will be monitoring closely the Nonfarm Payroll figures release in the US on Friday afternoon as historically has been amongst the highest impact macro events on the calendar. Historically speaking, a higher than expected number could be viewed as positive for the native currency, whereas a weaker than expected figure could be viewed as bearish. With investors trying to second guess the next move from the ECB and the Federal Reserve, EURUSD could see exaggerated moves towards the end of the trading week.
