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- EUR/USD shed 0.25% and fell back into the 1.0300 handle on Wednesday.
- Despite the midweek downside push, Fiber is holding above two year lows for now.
- EU Retail Sales, German Industrial Production, and US Challenger Job Cuts on the docket.
EUR/USD fell back once again on Wednesday, dipping back into the 1.0300 handle as Fiber traders weigh mixed EU data while sitting in the shadow of Friday’s looming US Nonfarm Payrolls (NFP) jobs data dump.
European data broadly recovered early Wednesday, with German Retail Sales and pan-European Producer Price Index (PPI) figures both rising from previous prints, but most data printed with below-average caveats, especially EU PPI inflation which remains in contraction territory. Euro traders will be hoping for an upside swing in pan-EU Retail Sales figures for the year ended in December, due early Thursday, but not until after German Industrial Production figures kick off the European trading session.
A raft of speeches from Federal Reserve (Fed) policymakers await traders on Thursday, as well as Challenger Job Cuts for December, which will serve as the last punch of NFP preview data before the bumper labor print on Friday.
ADP Employment Change in December showed slower hiring at 122K compared to 140K expected and 146K in November. Wage data is at its slowest since mid-2021.
The Federal Reserve's latest Meeting Minutes indicated greater concern over President Trump's tariff plans than initially thought. Despite earlier reassurances from Fed speakers about immigration and trade policies' minimal impact, the minutes highlighted four discussion points on major US policy changes affecting central banking. Additionally, the Fed agreed it was time to slow rate cuts, stressing that policy uncertainty is driving expectations for fewer cuts in 2025 than previously anticipated.
EUR/USD price forecast
EUR/USD near-term battle with the 1.0300 handle leaves Fiber traders pushed firmly onto the backfoot as bidders struggle to keep price action north of multi-year lows. The pair has slumped consistently since kicking off a bearish trend near the end of September. EUR/USD fell 8.82% top-to-bottom, knocking into 26-month lows in the process.
A bullish turnaround is on the cards with bids testing into arguably oversold territory, but Euro bulls will need to first contend with the 50-day Exponential Moving Average (EMA), which is grinding down into the 1.0500 handle.
EUR/USD daily chart
Euro FAQs
The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).
The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.
Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money.
Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy.
Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
- NZD/USD edges lower to near 0.5610 in Thursday’s early Asian session.
- Fed officials said they will slow the pace of rate cuts due to the uncertainty, minutes of the meeting showed Wednesday.
- Chinese December CPI inflation data will be released on Thursday.
The NZD/USD pair trades with mild losses to around 0.5610 during the early Asian session on Thursday. The expectation of a slower rate cut by the Federal Reserve (Fed) continues to underpin the US Dollar (USD) broadly.
Minutes released on Wednesday showed that Fed policymakers expressed concern about inflation and the impact that President-elect Donald Trump’s policies could have. Fed officials indicated they would be moving more slowly on rate reductions because of the uncertainty.
Fed officials pencilled the expected cuts in 2025 to two from four in the previous estimate at September’s meeting. A more hawkish stance of the US central bank and the signal that it would slow the pace of rate cuts in 2025 provide some support to the Greenback and act as the headwind for NZD/USD.
Investors await the Chinese December Consumer Price Index (CPI) inflation data, which is due later on Thursday. Several Fed officials are scheduled to speak later in the day. On Friday, the US Nonfarm Payrolls (NFP) for December will be in the spotlight.
On Tuesday, the National Development and Reform Commission (NDRC), China's top economic planner, issued a guideline for building a unified national market, breaking down market barriers to boost domestic demand while enhancing openness. The fresh supportive measures from China could boost the Kiwi, as China is a major trading partner for New Zealand.
New Zealand Dollar FAQs
The New Zealand Dollar (NZD), also known as the Kiwi, is a well-known traded currency among investors. Its value is broadly determined by the health of the New Zealand economy and the country’s central bank policy. Still, there are some unique particularities that also can make NZD move. The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD.
The Reserve Bank of New Zealand (RBNZ) aims to achieve and maintain an inflation rate between 1% and 3% over the medium term, with a focus to keep it near the 2% mid-point. To this end, the bank sets an appropriate level of interest rates. When inflation is too high, the RBNZ will increase interest rates to cool the economy, but the move will also make bond yields higher, increasing investors’ appeal to invest in the country and thus boosting NZD. On the contrary, lower interest rates tend to weaken NZD. The so-called rate differential, or how rates in New Zealand are or are expected to be compared to the ones set by the US Federal Reserve, can also play a key role in moving the NZD/USD pair.
Macroeconomic data releases in New Zealand are key to assess the state of the economy and can impact the New Zealand Dollar’s (NZD) valuation. A strong economy, based on high economic growth, low unemployment and high confidence is good for NZD. High economic growth attracts foreign investment and may encourage the Reserve Bank of New Zealand to increase interest rates, if this economic strength comes together with elevated inflation. Conversely, if economic data is weak, NZD is likely to depreciate.
The New Zealand Dollar (NZD) tends to strengthen during risk-on periods, or when investors perceive that broader market risks are low and are optimistic about growth. This tends to lead to a more favorable outlook for commodities and so-called ‘commodity currencies’ such as the Kiwi. Conversely, NZD tends to weaken at times of market turbulence or economic uncertainty as investors tend to sell higher-risk assets and flee to the more-stable safe havens.
- GBP/USD shed over 0.9% on Wednesday as market sentiment droops.
- A thin data schedule on the UK side leaves Cable traders to face looming NFP figures.
- The Fed may be more concerned about government policy than previously believed.
GBP/USD sank nearly a full percent on Wednesday, falling away from the 1.2500 handle which is proving too difficult for Pound Sterling bidders to reclaim. The pair tested below 1.2350 briefly, and Cable is poised for a further dip into multi-month lows.
Meaningful economic data is absent on the UK side, a running theme for the first full trading week of 2025. Cable traders will remain exposed to broad-market flows into and out of the US Dollar as traders gear up for a hectic end to the week. A raft of speeches from Federal Reserve (Fed) policymakers await traders on Thursday, as well as Challenger Job Cuts for December, which will serve as the last punch of Nonfarm Payrolls (NFP) preview data before the bumper labor print on Friday.
On Wednesday, the ADP Employment Change report indicated a slower hiring rate than anticipated for December, with a total of 122K jobs added compared to the expected 140K and November’s 146K. Additionally, ADP wage data showed its slowest growth since mid-2021.
In the same day, the Federal Reserve's latest Meeting Minutes disclosed that policymakers might be more apprehensive about President Donald Trump's proposed tariffs than previously thought. Over the past few weeks, Fed officials had downplayed the possible effects of immigration and trade policies on their decisions, but the recent policy meeting included four discussions about significant shifts in U.S. policy that could profoundly affect central banking. Furthermore, the Fed reached a consensus that it was time to reduce the speed of rate cuts, underscoring that policy uncertainty plays a crucial role in their lowered expectations for fewer rate reductions in 2025 than the market had earlier anticipated.
GBP/USD price forecast
GBP/USD briefly tested a new nine-month low at 1.2321 on Wednesday before a half-hearted upswing later in the day, pushing the pair back above 1.2350. January trading just started, but Cable is already on pace to close in the red for a fourth consecutive month. A technical floor is priced in at the 1.2300 price level thanks to a sharp drop and turnaround at the key level back in April.
GBP/USD daily chart
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).
The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.
Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.
Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
- NZD/JPY slips on Wednesday, hovering around 88.75 after failing to overcome a mid-week ceiling.
- RSI dips to 53 in positive territory, signaling a sudden loss of bullish momentum.
- MACD histogram shows flat green bars, hinting that the recent upside may be running out of steam.
NZD/JPY retreated on Wednesday, declining by 0.33% to settle near 88.75. Earlier attempts to break above the 100-day Simple Moving Average (SMA) near 90.00 faltered, curbing the pair’s recent rebound. The Relative Strength Index (RSI) has pulled back to 53, indicating fading buying interest, while the Moving Average Convergence Divergence (MACD) histogram remains flat, suggesting limited follow-through on the upside push.
Should the bulls continue to struggle at the 100-day SMA, the pair may face additional downside pressure. Immediate support levels could appear around 88.50, with a deeper drop targeting 88.00 if selling accelerates. Conversely, a clean break above the 100-day SMA might reignite bullish momentum, paving the way toward the 89.50 zone before encountering potential psychological resistance at 90.00.
NZD/JPY daily chart
- USD/JPY ascends to 158.34, supported by hawkish hints in Fed's December minutes and positive US employment figures.
- Technical indicators suggest potential resistance at 159.00, with a pivotal target of 160.00 in sight, under watch for possible Japanese intervention.
- Downside risks remain, with immediate support at the Tenkan-Sen line of 157.28, followed by December’s low at 156.02.
The USD/JPY edged higher late in the North American session after the Federal Reserve revealed its December meeting minutes. This, along with US jobs data and risk aversion, keeps the Greenback underpinned throughout the day. The pair trades at 158.34, up 0.19%.
USD/JPY Price Forecast: Technical outlook
The USD/JPY has risen above December’s high before the US Nonfarm Payrolls report, opening the door to challenge the 160.00 figure. Due to being close to the latter, Japanese authorities would likely begin their intervention jawboning to halt the Greenback’s advance.
That said, the USD/JPY first key resistance would be 159.00. Once cleared, the next stop would be 160.00 ahead of testing last year’s peak at 161.95.
Conversely, if sellers moved in and kept the USD/JPY from rising above 159.00, the first support would be the Tenkan-Sen at 157.28. A breach of the latter will expose the December 31 swing low of 156.02.
USD/JPY Price Chart – Daily
Japanese Yen FAQs
The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.
One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.
Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.
The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.
- AUD dips 0.36% to 0.6215 on Wednesday.
- Wall Street trims Trump-inspired losses, aiding brief Aussie rebound.
- Australian Retail Sales, Trade figures eyed in Asian session.
- FOMC Minutes confirm gradual approach to 2025 rate cuts.
The Australian Dollar declined by 0.36% to 0.6215 on Wednesday despite Wall Street reversing some earlier risk-off moves tied to President-elect Donald Trump’s tariff threats. Although the Aussie drew marginal support from the late US equity bounce, it remains vulnerable ahead of key November Retail Sales and External Trade data due in the Asian session. Traders look for fresh catalysts after the Federal Open Market Committee (FOMC) Meeting Minutes and local inflation data failed to offer much optimism.
Daily digest market movers: Aussie weakens after US labor market data, local inflation data
- The Australian Dollar shed over 0.40% at one point versus the USD, pressured by Trump’s potential emergency tariff move and strong labor market data.
- On the US data front, US Initial Jobless Claims dropped from 211K to 201K, below forecasts of 218K, underscoring a strong labor market.
- ADP data showed 122K private jobs added in December, missing the 140K forecast, as hiring and pay gains slowed.
- On the local front, Australian Weighted CPI for November rose 2.3% YoY, slightly above estimates, but the trimmed mean dipped from 3.5% to 3.2%.
- FOMC Meeting Minutes indicated a cautious approach to further rate cuts and highlighted inflation risks from trade policy.
- Traders turn to Aussie Retail Sales and Trade Balance data, due Thursday, for additional insight into domestic economic momentum.
AUD/USD technical outlook: Aussie falters at 20-day SMA amid fading momentum
The Relative Strength Index (RSI) stands at 35, drifting lower in negative territory, while the Moving Average Convergence Divergence (MACD) histogram prints decreasing green bars. The pair faced resistance at its 20-day Simple Moving Average (SMA), losing traction as risk sentiment deteriorated.
Without a clear catalyst, downside risks may persist if tariff fears escalate and US economic data remain supportive of the US Dollar.
Australian Dollar FAQs
One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD.
The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive.
China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs.
Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD.
The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.
- Gold climbs following Fed minutes hinted at a potential slowdown in the rate easing cycle.
- US Dollar Index maintains gains, while US Treasury yields show a slight pullback from recent highs.
- Gold market watchers eye US Nonfarm Payrolls report and UoM Consumer Sentiment data.
Gold price climbed during the North American session after the United States (US) Federal Reserve (Fed) struck a neutral to slightly hawkish tone in last December meeting minutes, hinting that it “would be appropriate to slow pace of easing.” At the time of writing, XAU/USD trades at $2,659, up by 0.34%.
During the December meeting, officials decided to lower borrowing costs by 25 basis points. However, “some participants said there was merit in keeping rates unchanged at that meeting, citing the higher risk of persistently elevated inflation.” Following the minutes’ release, XAU/USD edged towards $2,658 before paring some of those gains.
The US Dollar Index (DXY), which measures the Greenback’s performance against a basket of six currencies, holds to earlier gains of 0.33% at 109.04. The US 10-year benchmark note coupon retraced after hitting 4.73% to 4.699%, up by three basis points (bps).
Earlier, market participants shifted wary of a CNN article revealing that US President-elect Donald Trump might consider a national economic emergency declaration, allowing him to impose tariffs on adversaries and allies.
Bullion buyers ignored mixed US jobs reports, as private companies hired fewer people than expected. However, the US Department of Labor revealed that Americans' applications for jobless benefits were reduced compared to the previous week and came below forecasts.
Fed Governor Christopher Waller crossed the wires and said that tariffs would not cause persistent inflation, which would continue to fall towards the Fed’s 2% goal. Waller added that he favors further rate cuts, which would be data-dependent.
In the meantime, Gold traders are eyeing Friday's release of the US Nonfarm Payroll report and the University of Michigan (UoM) Consumer Sentiment. If both readings come stronger than expected, the XAU/USD might edge lower on broad US Dollar strength.
Daily digest market movers: Gold price climbs amid high US yields, ignore US data
- Gold shrugs off higher US real yields, rising three bps to 2.31%.
- Initial Jobless Claims in the US dropped to 201K for the week ending January 3, down from 211K and well below the forecast of 218K, according to the Department of Labor.
- ADP reported that private sector hiring totaled 122K in December, falling short of the 140K expected by economists.
- Market expectations indicate the Federal Reserve may implement two rate cuts in 2025, with the December Fed funds futures contract pricing in 54 basis points of easing.
- Gold surged to a two-day high of $2,664 following news that China’s central bank increased its reserves for the second consecutive month, adding 300K ounces to reach 73.3 million. The People's Bank of China (PBoC) resumed bullion purchases, which could keep XAU/USD prices skewed to the upside.
XAU/USD technical outlook: Gold price surges above $2,650
Gold price remains consolidated but slightly tilted to the upside after reclaiming the 50-day Simple Moving Average (SMA) at $2,648. If bulls push prices above $2,660, it will pave the way to challenge $2,700 before testing the December 12 peak at $2,726, ahead of the record high at $2,790.
On the flip side, if sellers drag the XAU/USD below the 100-day SMA of $2,628, look for a test of $2,500 before Gold extends its losses to the 200-day SMA at $2,498.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
Markets roiled on Wednesday but mostly stuck within tight ranges as investors gear up for a hectic release schedule ahead of Friday’s key US NFP jobs print.
Here’s what you need to know heading into Thursday, January 9:
The US Dollar Index (DXY) explored higher ground on Wednesday as tepid investor sentiment kept one foot solidly in the safe haven Greenback. However, traders are proving to be unwilling to tilt too far in either direction, stopping short of pushing the DXY into fresh 26-month highs. A raft of speeches from Federal Reserve (Fed) policymakers await traders on Thursday, as well as Challenger Job Cuts for December, which will serve as the last punch of Nonfarm Payrolls (NFP) preview data before the bumper labor print on Friday.
FOMC Minutes show officials weigh in potential changes to trade and immigration policies
EUR/USD is back testing the 1.0300 handle after flubbing a near-term bullish recovery. The pair is one bad day away from touching the 1.0200 level for the first time in over two years, and Euro traders will be hoping for an upside swing in pan-EU Retail Sales figures for the year ended in December, due early Thursday, but no