Today is a day off in the United States, and against this background, calm trading can be expected during the day. In the morning, China published a report on GDP for the 4th quarter of 2020, where it reported an increase in the indicator by 6.5%. At the end of 2020, GDP grew by 2.3%, while the market expected a value of 2.1%. China has become the only country from the world’s largest economies, whose GDP has grown over the past year.

At the end of 2021, GDP growth is expected in the range of 8-9%. This is a good signal for the euro, since historically the European currency reacts positively to statistics from the Middle Kingdom. According to the CFTC, large speculators continue to build up “longs” on the euro. Moreover, such dynamics is observed in other currencies as well. Thus, investment funds do not believe in the strong growth of the dollar and increase their sell positions on the growth of the American currency.

Investment idea: Buy 1.2060 / 1.2040 and take profit 1.2140.