Despite some intraday volatility, the euro has ended the US trading session virtually unchanged. The worse than expected US GDP report induced a modest rally in the EURUSD that was relatively short lived. Better than expected French economic data failed to keep the euro afloat. The number of unemployed people declined by 11k, while the business confidence indicator was revised higher the previous month. The pair traded down to a low of 1.2985 before rallying back above 1.30 on little news. It was actually quite surprising that the euro could not muster a sustainable rally off of the much weaker US release. It appears that everyone is already looking ahead to the busy week next week. Both the OPEC meeting and Iraq elections are taking place this weekend. During the week, the Reserve Bank of Australia, European Central Bank and the Federal Reserve will be meeting to discuss changes to monetary policy while the finance ministers and central bankers of the G7 nations will be meeting to discuss the world economy on February 4th and 5th. In terms of economic data, the most important release next week will be US non-farm payrolls report for the month of January. The euro has been consolidating over this past week and the market will certainly be hoping that next week's heavy calendar can provide enough catalyst for the currency to break out of its lackluster range trading mode.
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