EUR/USD today: the euro is growing on the weakness of the American dollar
The EUR/USD pair accelerated growth on the overall weakness of the US dollar. The reason for this was the continued optimism about Brexit and, just as importantly, the increase in expectations of interest rates cuts in the United States. Previously, the reason for the increase in the likelihood of lowering rates in the US was weak retail data and comments by the US Federal Reserve representative.
Events for today:
- 15:30 – data on the USA will be released: building permits (m/m) (September), housing starts (m/m) (September), initial jobless claims, Philadelphia Fed industrial activity (oct) and Philadelphia Fed Employment Index (oct).
- 16:15 – volume of industrial production (m/m) (September) in the United States will be published.
- 18:00 – crude oil inventories in the United States will be announced.
- 21:00 – a report on the implementation of the US federal budget will be released.
The day today is very full of statistics for the United States, but the main driver of the market remains negotiations on Brexit and the likelihood of interest rates cuts in the United States.
The EUR/USD pair continues to trade with strengthening on the weakness of the US dollar and exit from the side channel. As a result, this pair is testing a two-month high, limiting itself to a significant overbought. Significant resistance is the level of 1.1150-60, from which we can expect a rebound. After which the pair is expected to return to support levels: 1.1100, 1.1080 and 1.1050.
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Hanzenko Anton
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
- What to expect from the Bank of England in the face of a tough Brexit
- The results of the US-China trade talks
- Cloudy prospects for the oil market
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